Residential Foreclosure Alternatives (NY)

Summary

This practice note discusses commonly available residential foreclosure alternatives in New York. These alternatives include loan refinance, modification, or forbearance; short sale, deed in lieu of foreclosure; the use of high loan to value (LTV) refinance programs (HIRO, FMERR, FHA-HAMP, NYS-MAP); and reference to COVID-19 protections. This practice note provides practical guidance to attorneys for both borrowers and lenders.