Co-Op Foreclosure Timetable
The following timetable is representative of the average processing time for the handling of a Cooperative Apartment Foreclosure.
It must be understood that delays can be encountered even in an uncontested foreclosure. Of course, the timetable could not reflect delays caused by the filing of a Bankruptcy or due to the Foreclosure being contested.
Uncontested Cooperative Apartment Foreclosures
|Day 1:||If primary residence, Lender must send a statutory 90-day Notice to Cure to borrower, together with required attachments, and must register with the NYS Department of Banking.|
|Day 60:||Lender must sent a 30-day default letter to borrower, if required by loan documents. Notice and manner of delivery must conform to loan documents.|
|Day 91:||Order Uniform Commercial Code search, open file, review instructions; enter into computer and assign file number.|
|Day 100:||Review search. Prepare and serve Notice of Foreclosure by regular and certified mail to all interested parties. Said Notice gives thirty (30) days to satisfy the loan.|
|Day 160:||Arrange a sale date with advertising agency and auctioneer. Prepare and serve Notice of Sale by regular and certified mail to all interested parties. Advise mortgage company of sale date and request bid amount. The sale is published three (3) times, once each week in a local paper.|
|Day 190:||Hold sale. If no third party purchasers, follow additional instructions given by mortgage company.|