Unfortunately New York State does NOT have a right of redemption period post foreclosure sale. Once the property is sold at the public auction to the highest bidder, the original foreclosed owner has no right to satisfy the entire amount owed the lender. Unless the prior foreclosed owner has legal and/or equitable defenses to the foreclosure action, once the sale has occurred, the owner will be without a remedy. The only thing the prior owner can do in such case is to retain an attorney to determine if the sale was properly held and conformed to statutory law. If the sale was not proper then there could be grounds to move to set aside the sale. If the sale is set aside, then the prior owner would have the chance to satisfy the loan. If, however, the sale was proper, then the prior owner would need to show a defense to the foreclosure action, and if such defense is meritorious, it may result in the foreclosure sale being vacated and maybe the action being dismissed.
5/19/2018 01:25:36 am
Hello Arnold. How have you been?
1/5/2019 09:41:21 pm
I am fine Al. Please call my office anytime!
6/5/2018 12:26:30 pm
My landlord lost his house & bought # auction by a bank. I now got a notice of eviction in 30 days, from my landlord. I want to eventually buy this house. Does my landlord have any legal right to evict me?
1/5/2019 09:39:50 pm
If the property was sold and is currently owned by someone other than your landlord then your landlord cannot evict you. Landlord MUST have an ownership interest in the property. Sorry for the late response.
1/22/2020 08:48:40 pm
Why do most people not know about filing for a homestead on their primary residence?
2/25/2022 12:47:04 am
Can I pay back my landlord lien sale to the creditor?
Arnold M. Bottalico, Esq.
3/6/2022 08:11:12 pm
Please call the office for a free consultation!
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Arnold M. Bottalico is an experienced Long Island, NY foreclosure attorney with over 25 years of experience, and he welcomes your questions and comments.