Finance
In New York, a borrower who is 30 days late on a mortgage payment will typically first receive:
AA notice of foreclosure
BA lis pendens filing
CA late payment notice and may incur a late fee✓ Correct
DAn automatic modification offer
Explanation
A borrower 30 days late typically receives a late payment notice and is charged a late fee. Formal foreclosure proceedings in New York do not begin until there is a more substantial delinquency, and the process is judicial.
Related New York Finance Questions
- In New York, 'points' paid at closing on a mortgage are:
- The Closing Disclosure (CD) under TRID must be provided to the borrower at least how many business days before closing?
- A 'bridge loan' used in New York real estate is:
- In New York, 'mortgage assumption' allows a buyer to:
- In New York, a 'balloon mortgage' is characterized by:
- Which government-sponsored enterprise (GSE) purchases conventional conforming mortgages on the secondary market?
- A second mortgage is subordinate to the first mortgage, meaning:
- In New York, the mortgage recording tax is paid by the:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →