Missing mortgage payments in New York triggers a defined sequence: late fees, a notice of default, then formal foreclosure filings in court. Because New York is a judicial foreclosure state, the process can take a year or more — but it does move forward.
Homeowners have real options before a foreclosure auction. Loan modification, forbearance, a short sale with lender approval, or selling the property before the bank takes it can all preserve credit and equity.
The earlier you act, the more options you have. Talking through your situation with someone who understands the NYC market can clarify what's actually possible.