- Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 120 days - Right of Redemption: No - Deficiency Judgments Allowed: Yes In New York , lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold by the sheriff of the county or a referee. Typically the foreclosure sale is advertised for 4 to 6 weeks. The sale is made by public auction to the highest bidder. Anyone may bid, including the lender. After the property has been sold, the officer conducting the sale must execute a deed to the purchaser. The officer must also pay, out of the proceeds, the amount of the debt, including interest and costs, to the lender and then obtain a receipt for the payment from the lender. Within thirty days after the completing the sale and executing the deed to the purchaser, the officer must file a report of sale, which must include the receipt from the lender, with the clerk of the court. Unless otherwise ordered by the court, the sale can't be confirmed until three months past the filing of the report of sale. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Although this type of foreclosure is permitted in New York, it is rarely used by lenders. More information on New York foreclosure laws.
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http://www.foreclosurelaw.org/New_Yo...losure_Law.htm New York Foreclosure Laws New York Foreclosure is Judicial. A lawsuit is filed New York foreclosure law states that the lender first must file a lawsuit. Like most judicial states, the lender begins by having a summons and a complaint is filed. It is then sent to the borrower asking them to come to court to answer the complaint. The complaint is a lawsuit, which describes the lenders basis for foreclosure action. A notice of lis pendens is filed. The borrower has 20 days to answer the complaint. If no action is taken within the 20 days, there will be a motion for summary judgment. After summary judgment is granted, the court usually appoints a referee who will determine the amount owed and recommend how the property should be sold. Once the referee has issued the report, the court confirms the report and a judgment directing the sale of the property will be entered.
New York Foreclosure Notice of Sale
The
New York foreclosure sale is advertised in a county newspaper for (4) four weeks. The sale is made by public auction to the highest bidder. The lender has the option of bidding. The lender must distribute the proceeds according to the terms of the judgment signed by the judge.
New York Foreclosure Deficiency Judgment
If proceeds from the sale do not produce sufficient funds, the lender has the right to issue a deficiency judgment against the borrower. The motion for a deficiency judgment must be within 90 days after the
New York foreclosure auction or the lender loses this right.
Redemption Rights
There is no redemption period for the borrower
source
http://www.foreclosureuniversity.com...s/new_york.php 
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New York Foreclosure Law 
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