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 is contested, the matter may be billed monthly, and additional fees may be required.
Some expenses associated with the foreclosure action required may vary depending upon the county in which the mortgaged property is located, the number of defendants to be served and their accessibility for service.
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 the frequent need for appointment of a receiver.
Privately 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 (since there may be tax arrearages, judgments and second or first mortgages to contend with) which may necessitate a higher fee structure.