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In New York, the primary method ofmortgageforeclosure isjudicial. Because of this, it could take four (4) months or more from the time a property owner receives anotice of default until the property is sold at apublic foreclosure auction sale. Accordingly, don’t wait until the property becomesReal Estate Owned (REO) after the auction because the property will cost more than it would inpreforeclosure. Adeficiency judgment is available to a lender if a property inforeclosure is sold at apublic foreclosure auction sale for less than the loan amount that the underlying mortgage secures. In fact, a lender must seek adeficiency judgment within 90 days after a confirmedforeclosure sale.