Title: Home Foreclosure Rules - Foreclosure Lawyer | NYC Bar
Headings: Foreclosure
Foreclosure
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Content: Foreclosure sale. If your home goes to foreclosure sale, it will be sold to the highest bidder, who may be the lender or a third party. The foreclosure sale takes place at a public auction, usually at a county courthouse. Once payment is made, the winning bidder takes ownership of the property. Deficiency judgment. If you are the borrower on the note, the lender may seek a deficiency judgment against you in the event your home sells for less than is determined by the order of reference. The deficiency is the difference between the amount you owe and the price at auction if purchased by a third party or fair market value if purchased by the lender. The lender only has 90 days after the foreclosure sale to seek the deficiency judgment. Eviction. If you do not voluntarily leave the house after the foreclosure sale, the new owner will need to commence a lawsuit to evict you if you do not leave willingly.