Before starting the In Rem Foreclosure process, the Department of Finance (DOF) mails multiple notices to the mailing address on record and to anyone else who has registered to receive that property’s tax bills. These notices include detailed contact information so the recipient can respond easily.
If the property owner or interested parties contact DOF or HPD during this time, additional penalties and foreclosure can be avoided. The property owner is then given the choice of either paying the full amount owed or entering into a payment agreement.
If the owner doesn’t respond to the notices, DOF and HPD will file foreclosure documents with the New York State Supreme Court to begin the foreclosure process. Owners can still enter into a payment agreement at this time, but penalties will be added.
If owners continue to be unresponsive, they will receive a Notice of Final Judgment. These owners can still avoid foreclosure at this time by entering into a payment agreement and paying a large portion of the amount owed.
After an In Rem Foreclosure, the title of your property is sold or transferred to a new property owner who then renovates or resolves the outstanding bills and violations. This is done so that properties can be improved and better used for affordable housing.
Learn more about the In Rem Foreclosure process.