The Real Deal New York

From the May issue: If you’re interested in buying a foreclosure property, you’d better get ready to read a lot of newspapers. New York is a judicial foreclosure state, which means that a person cannot be thrown out of his or her home without 12- to 18-months of prior notice followed by a judicial proceeding. Notice of foreclosure auctions is specified by state Real Estate Property Action law, article 14, section 1405, which says the courts must advertise upcoming foreclosure auctions through a “general distribution” newspaper. In Brooklyn, there is no one newspaper that reaches a large portion of the borough’s population, and the notices are scattered through various small papers. more By Jen Benepe