Foreclosures

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Residential properties for banks and corporate lenders:
The typical uncontested institutional foreclosure action that HoganWillig handles within New York State is completed within six to seven months. The third party and governmental expenses related to an action are advanced on behalf of the lender by HoganWillig and then billed in three increments as we proceed with the foreclosure: (1) upon filing of the Lis Pendens, Summons and Complaint; (2) upon submission of the Order of Reference to court; and (3) upon submission of the Judgment of Foreclosure and Sale to court. If the foreclosure action becomes contested, the matter will be billed monthly.
 
The expenses associated with the foreclosure action will vary depending upon the county in which the mortgaged property is located, the number of defendants to be served and their accessibility for service.
 
Commercial properties:
The foreclosure timeline and process is essentially the same as that for residential foreclosures, although the fees and costs are typically higher due to multiple occupants in commercial properties and often the need for appointment of a receiver.
 
Private/consumer held mortgage foreclosures: 
Although these actions are conducted in the same fashion as institutional foreclosures and reach foreclosure sale within the same timeframe, they require more one-on-one consultation time with the private lender which necessitates a higher fee structure.
 
For more information on our foreclosure legal services and fee schedules, please contact Mark at 716-688-1991, extension 491.

Foreclosure Resources:

Foreclosure Terms & Definitions
New York State Foreclosure Timeline