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Yes, you can foreclose on the property if the loan is in default. The entire process in NY can take up to 12-18 months so you might want to encourage the borrower to give you a deed in lieu of foreclosure. The foreclosure process in NY is summarized in N.Y. Real Prop. Acts. Law §§ 1301 to 1391. You can find these statutory provisions at this link: http://tenant.net/Other_Laws/RPAPL/rpapl13.html
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