Posted by Elizabeth (NJ) on August 10, 2003 at 15:00:13:
The redemption period is 10 consecutive calendar days in New York.
I specialize in bankruptcy law and foreclosures. I’m a paralegal with my own business, not an atty, so nothing I say there may be construed as legal advice which I am not licensed to give.
However, I can give you some information based upon 20 years specializing in foreclosures & debtor-creditor law:
There are many exceptions to the 10 day redemption opportunity. Not everyone can redeem their property.
For instance, if the bank bid their lien at the foreclosure sale, then redemption may apply, but again there may be exceptions even at that stage depending on which bank you’re dealing with.
However, if the property was actually sold to a third person at the sale, redemption may be an impossibility because it will require the bank to reverse a hard sale which may leave it open to breach of contract charges from that buyer.
You might want to consider buying pre-foreclosure instead of putting yourself and the homeowner through the wrangle of redemption.
Buying at a foreclosure sale is not always a good deal unless there’s a blizzard the day of the sale and nobody shows up to bid against you.
I hope this information helps.