New York foreclosure runs through the courts, with the judgment directing a sale by the sheriff or a referee within ninety days, and a deficiency motion must be made within ninety days after the sale. The state taxes mortgages when they are recorded, with a basic tax of 50 cents per $100 secured plus additional and local taxes that vary by county. Lien Law notice deadlines run eight months from completion for most work, and flood zone status is worth checking since 1,466 communities participate in the National Flood Insurance Program.
World's Fair Capital makes business purpose loans to real estate investors in New York: fix and flip, DSCR rental, bridge and ground-up construction. This page covers points that most often matter to an investor there, each checked against the statute or agency that publishes it. It is general information, not legal or tax advice, and terms for any loan are set at underwriting.
Prepared by the WFC editorial team. Facts checked against the cited sources, last reviewed 2026-10-11.
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- 3Underwriting
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- 4Closing
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What investors should know about New York
Foreclosure sale by sheriff or referee
New York foreclosure is a court action. The judgment of sale directs that the property be sold by or under the direction of the sheriff or a referee within ninety days of the judgment date.
Source: N.Y. Real Property Actions and Proceedings Law 1351, checked 2026-10-11
One action for the mortgage debt
While an action on the mortgage debt is pending, or after a judgment for the plaintiff, the statute generally requires the court's leave before another action is brought to recover the debt.
Source: N.Y. Real Property Actions and Proceedings Law 1301, checked 2026-10-11
Deficiency motion has a 90 day limit
A motion for a deficiency judgment after a foreclosure sale must be made within ninety days after the sale is consummated by delivery of the deed.
Source: N.Y. Real Property Actions and Proceedings Law 1371, checked 2026-10-11
Mortgage recording tax
New York's Department of Taxation and Finance lists a basic tax of 50 cents per $100 of mortgage debt secured, a special additional tax of 25 cents per $100, and an additional tax of 25 cents per $100 (30 cents in the commuter transportation district). Local taxes may also apply, so the total depends on the county.
Source: NYS Department of Taxation and Finance, Mortgage recording tax, checked 2026-10-11
Mechanic's lien notice deadline
Under the Lien Law, the standard window to file a notice of lien is eight months after completion of the contract. For single-family dwelling improvements the window is four months.
Source: N.Y. Lien Law 10, checked 2026-10-11
Flood insurance participation across the state
The state Department of Environmental Conservation reports that 1,466 New York communities participate in the National Flood Insurance Program, so flood zone status is a routine check on New York properties.
Source: NYS Department of Environmental Conservation, Floodplain Management, checked 2026-10-11
Mortgage recording tax: additional layers
The Department of Taxation and Finance also lists a city or county mortgage tax of 25 to 50 cents per $100 of mortgage debt where applicable, so the total varies by location.
Source: NYS Department of Taxation and Finance, Mortgage recording tax, checked 2026-10-11
General information, not legal or tax advice. Confirm details with your own counsel or title agent.
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What to send for a first look
- Property address and type
- Purchase price, or current value on a refinance
- Loan amount requested and what it is for
- Rehab or construction budget, if any
- Current or expected rent on a rental
- The borrower's experience and estimated credit score
- Your timeline to close
Loan programs for New York investors
- Hard Money Loans
- Fix & Flip Loans
- Rental / DSCR Loans
- Ground-Up Construction Loans
- Commercial Bridge Loans
- Multifamily Bridge Loans
- Small Balance Commercial Loans
- Foreign National Loans
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Program availability varies by property and borrower. Business purpose loans only.
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