Default Judgment an Judgment of Foreclosure and Sale - New York

Default Judgment an Judgment of Foreclosure and Sale is a legal document that was released by the New York Supreme Court - a government authority operating within New York.

FAQ

Q: What is a default judgment in New York?A: A default judgment is a judgment entered by the court when one party in a legal case fails to respond or appear in court.

Q: What is a judgment of foreclosure and sale in New York?A: A judgment of foreclosure and sale is a court order that allows a lender to sell a property in order to satisfy a defaulted mortgage or loan.

Q: How is a default judgment obtained in New York?A: A default judgment can be obtained in New York when the defendant does not respond to a lawsuit within the required time period.

Q: What is the purpose of a judgment of foreclosure and sale?A: The purpose of a judgment of foreclosure and sale is to enable the lender to sell a property to recover the outstanding debt when the borrower defaults on their mortgage or loan.

Q: What happens after a default judgment is entered in New York?A: After a default judgment is entered, the court may proceed with further actions, such as issuing a judgment of foreclosure and sale or determining the amount of damages.

Q: Can a default judgment be reversed in New York?A: Yes, a default judgment can be reversed in New York if the defendant can show a valid reason for not responding to the lawsuit, such as excusable neglect or lack of proper service.

Q: What are the consequences of a judgment of foreclosure and sale in New York?A: The consequences of a judgment of foreclosure and sale include the possibility of losing the property and the potential for damage to the borrower's credit.

Q: Is there a redemption period after a judgment of foreclosure and sale in New York?A: Yes, in New York, there is usually a redemption period after a judgment of foreclosure and sale, during which the borrower has the opportunity to pay off the debt and regain ownership of the property.

Q: Can a judgment of foreclosure and sale be stopped in New York?A: It is possible to stop a judgment of foreclosure and sale in New York through various legal options, such as negotiating with the lender, filing for bankruptcy, or challenging the foreclosure process.

Q: What happens if a property is sold at a foreclosure auction in New York?A: If a property is sold at a foreclosure auction in New York, the proceeds from the sale are used to pay off the outstanding debt, and any remaining funds may be returned to the borrower if there are surplus funds.