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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33802
Experience:  15 years real estate, Realtor. Landlord 26 years
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If A House is In Foreclosure ( Westcherster NY ) Can it be

Customer Question

If A House is In Foreclosure ( Westcherster NY ) Can it be Auctioned Off ?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone whocan. There may be a slight delay in myresponses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Are you talking about the owner doing so?

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Has there actually been a foreclosure sale yet or is it still in the process of being foreclosed on?

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thanks

Barrister

Customer: replied 4 months ago.
I am The Owner of A two Family House In westchester NY and it is Not in forecloser yet, But Its becoming reality.. so Id Like to know can My home be Auctioned off While going through this Fourclouser Process ?
Expert:  Barrister replied 4 months ago.

Yes, you are still the legal owner of the property until the bank forecloses and has a public foreclosure auction to the highest bidder.

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So there is nothing that would prevent you from auctioning off the house on your own to sell it prior to it being foreclosed on. The caveat is that you would have to get a price of at least what is owed on it or any sale would fail because you couldn't convey clear title to a purchaser.

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided as that is the only way I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

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thanks

Barrister

Customer: replied 4 months ago.
Do you know the Length of Time ( Months /Years ) we Might be able to Stay in our home while going through bankruptcy due to all the Legal back log ? while going through the foreclose stage !
Customer: replied 4 months ago.
in other words How Long does it take to Totally foreclose on our Property ? ( in westchester NY )
Expert:  Barrister replied 4 months ago.

And Do you know the Length of Time ( Months /Years ) we Might be able to Stay in our home while going through bankruptcy due to all the Legal back log ?

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If you were to time any BK filing and wait until just a few days before a foreclosure sale was scheduled to happen, then file BK, you are looking at likely 7-9 months more before the trustee would release the house from the BK estate so the bank could continue any foreclosure action.

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NY has one of longest foreclosure timelines in the country...averaging between 2.5 and 3 years from the time a borrower defaults and stops making payments.

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So timed correctly, you can drag out a foreclosure for a very long time in NY.

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thanks

Barrister

Expert:  Barrister replied 4 months ago.

If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided as that is the only way I receive credit for my work.

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thanks

Barrister

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