In New York State, a lender must start a legal action in Supreme Court and get a court order to foreclose against an owner who has not paid the mortgage. The owner is legally allowed to collect rents and make leases until the foreclosure ends in an auction, when the building is either sold to a new owner or retained by the lender.
ALWAYS CONSULT A LAWYER RIGHT AWAY IF YOU RECEIVE ANY LEGAL PAPERS!
(March 28, 2011)
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