Foreclosure — Explore Your Options
Received a foreclosure notice? You still have time to act.
A fast sale can stop the process and protect your credit. Find out if you qualify.
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Common questions about this topic
How does the foreclosure process work in New York?
New York is a judicial foreclosure state, meaning the lender must file a lawsuit and obtain a court order. The process typically takes 12–36 months, giving homeowners more time to explore alternatives than in non-judicial states.
What is pre-foreclosure and what are my options?
Pre-foreclosure is the period between your first missed payment and the foreclosure auction. During this time, you can negotiate with your lender for a loan modification, forbearance, short sale, or deed in lieu of foreclosure. Acting early gives you the most options.
Can I sell my house to avoid foreclosure?
Yes. If you have equity, a standard sale can pay off the mortgage and stop the foreclosure process. If you owe more than the home is worth, a short sale (with lender approval) may be an option. Both are generally better for your credit than a completed foreclosure.
What is a short sale?
A short sale occurs when the lender agrees to accept less than the full mortgage balance as settlement. The process requires lender approval, which can take 2–6 months. It impacts your credit less than a foreclosure and may allow you to purchase again sooner.
Are there foreclosure prevention resources in New York?
New York requires lenders to participate in settlement conferences before foreclosing. Free housing counseling is available through HUD-approved agencies. The New York State Homeowner Protection Program also provides legal assistance to homeowners facing foreclosure.
How long does foreclosure stay on my credit report?
A foreclosure can remain on your credit report for seven years. The actual impact on your credit score diminishes over time, especially if you rebuild positive credit history. FHA loans may be available again after three years with a documented recovery.