Finance
In New York, which type of foreclosure is required for most residential mortgages?
ANon-judicial (power of sale) foreclosure
BStrict foreclosure
CJudicial foreclosure under RPAPL Article 13✓ Correct
DAdministrative foreclosure by the DOS
Explanation
New York is a judicial foreclosure state. Foreclosures on most residential mortgages must proceed through the courts under Real Property Actions and Proceedings Law (RPAPL) Article 13. The lender must file a lawsuit, and a judge must enter a judgment of foreclosure and sale.
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