Help me about foreclosure law in ny
my attorney tells me that the bank has 90 days from the date of the
foreclosure sale in which in serve us
witha deficiency judgment.
can anyone verify this?
is this 90 calendar days? business days?
I practice in California, so I cannot answer you questions under NY law. It
would seem to me though that the answer to your question would depend on the
type of collateral being foreclosed against (personal or real property) and
the type of foreclosure sale (judicial or non-judicial).
In California, deficiency judgments in real property foreclosures are
available only in cases of a judicial foreclosure. The court issues a
judgment of foreclosure and the plaintiff must apply for the deficiency
judgment within 90 days of the foreclosure. California has a "security
first rule" and a strong policy against deficiency judgment. In fact,
deficiency judgments are not allowed in most purchase-money transactions.
Non-judicial foreclosure is much quicker and does not give the debtor the
chance to file an answer or a cross-complaint.