If you're behind on payments and the bank has started the process, you may have more time and more options than you think. A properly listed Queens home almost always nets more than what you'd get at a foreclosure auction — often significantly more. That difference could mean walking away with equity instead of a deficiency judgment.
The sooner you reach out, the more options you have. Foreclosure timelines in New York are long — but they do end.
Speed matters in a pre-foreclosure situation. But speed should not mean selling at a discount. Here is how we do both.
We know Queens. When you call, we come to you — not in three days, not after you fill out a form. We walk the property and get you a real read within 24 hours.
Before we talk price, we need to understand where you are in the foreclosure process. Notice of default? Lis pendens filed? Auction scheduled? That affects everything. We'll help you map it out.
We do not inflate the listing price hoping to get lucky. We price to generate offers fast from qualified buyers. In a pre-foreclosure situation, a house that sits 90 days is a disaster. We price for 30–45.
We list on OneKey MLS, Zillow, Realtor.com, and StreetEasy. We also reach buyers who are specifically looking for Queens deals they can close quickly — that pool is larger than most people realize.
We're upfront with buyers about the timeline. Serious buyers accept that. We coordinate with your lender's requirements and your attorney to hit the closing date that works.
At the closing table, proceeds pay off your mortgage balance and arrears first. Any remaining equity goes to you. If there is a shortfall, we will work with your lender to seek short sale approval — note that lender approval is required and is not guaranteed. We initiate this process as early as possible.
Every situation we handle is unique — but one pattern holds true: sellers who list on the open MLS with proper preparation consistently receive more than early cash investor offers. We give you both numbers and let you decide. No pressure, no rush.
"A homeowner in Jamaica was 8 months behind on a $380,000 mortgage and had received a notice of default. An investor had offered $420,000 cash. We listed at $499,000, received 4 offers within 10 days, and closed at $511,000 in 34 days — enough to pay off the mortgage, closing costs, and put $87,000 in the seller's pocket instead of nothing."
New York's process is longer and more homeowner-friendly than most states. Understanding it takes away some of the fear.
The bank must sue you in court to foreclose. This takes an average of 445 days from first missed payment to auction in New York — one of the longest timelines in the country. You have time.
Missed payments lead to a notice of default. Then the bank files a lawsuit — a lis pendens is recorded in county records. Then a judgment of foreclosure. Then an auction is scheduled. You can sell at any point before the auction closes.
Unlike some other states, New York homeowners generally cannot redeem the property after the foreclosure auction. Once the auction closes and title transfers, it's done. This makes pre-auction sale critical.
If you owe more than the home is worth, the lender must approve accepting less than the full payoff. This is a short sale — different from a standard sale. We coordinate with your lender directly. Short sales typically take 60–120 days due to approval time, so early contact matters.
If the foreclosure auction price is less than what you owe, the lender may pursue you personally for the difference. A successful pre-foreclosure sale eliminates this risk entirely — the lender is made whole at closing, and the matter is closed.
Be cautious of anyone who asks you to sign over your deed or pay large upfront fees to "save" your home. These are frequently predatory schemes targeting distressed homeowners. We are licensed NYS real estate agents — not deed buyers, not "rescue" companies. We get paid at closing like any agent. Free help is also available: NYC homeowners can contact the Center for NYC Neighborhoods or call 311 for free foreclosure counseling.
Disclaimer: This page provides general information about the New York foreclosure process and is not legal advice. Your specific situation — including your mortgage terms, the stage of any pending action, and whether a short sale is required — may differ significantly. For legal advice about your foreclosure, consult a licensed New York real estate attorney.
If you are at risk of foreclosure, free help is available from HUD-approved housing counseling agencies.
Contact the Center for NYC Neighborhoods at
(646) 786-0888, or call 311 and ask for foreclosure counseling.
Gadura Real Estate LLC is a licensed real estate brokerage, not a foreclosure consulting company.
We do not charge any fee until your property closes — our commission is paid only from sale proceeds at closing.
We do not provide legal advice. For legal guidance on your foreclosure situation, consult a licensed New York real estate attorney.
We'll give you an honest read on your foreclosure timeline, your home's current market value, and whether a pre-foreclosure sale makes sense for your situation.
Takes 2 minutes. We'll call you with a full picture — no guesswork.
Nitin will call you within 2 hours. All information you provided is kept strictly confidential.
New York has one of the longest foreclosure timelines in the country — an average of 445 days from first missed payment to auction, though it can be longer. If you've received a notice of default but no court filing yet, you likely have 12–18+ months. If a lis pendens has been filed, you still typically have 12+ months before a scheduled auction. Contact us and we can help you understand exactly where you are in the timeline.
No — significantly less. A completed foreclosure stays on your credit report for 7 years and is one of the most damaging marks possible. A pre-foreclosure sale (even if it involves late payments already on your record) typically results in far less credit damage and may allow you to qualify for a new mortgage much sooner.
This is called being "underwater" and requires a short sale — where the lender agrees to accept less than the full payoff amount. We handle short sales and will work with your lender directly throughout the process. Short sales take longer (60–120 days typically) due to lender approval requirements, so the sooner you contact us, the better your options.
Yes. You can sell at any point before the foreclosure auction actually closes and title transfers to the bank or a third-party buyer. Even with a lis pendens on record and a court judgment, you have the right to sell your home. The proceeds at closing will pay off the lender first, and any remaining equity comes to you.
Maybe — but get a market valuation first. Investors who approach homeowners in distress typically offer 65–75 cents on the dollar. If your Queens home is worth $700,000 and you're offered $490,000, listing on the market for 30–45 days could realistically net you $650,000–$720,000. The difference matters enormously when you're trying to clear a mortgage and walk away with something. We'll give you both numbers so you can make an informed decision — with no pressure either way.
Nitin has helped Queens homeowners navigate pre-foreclosure sales, short sales, and distressed property listings. He will tell you exactly what your home is worth, what your timeline looks like, and whether selling before the bank acts makes financial sense for you. No pitch. No obligation.