The property is mixed use- it contains restaurant and a residence which I live in. The RPAPL Article 14 has changed several times in the last few years w/regard to whether non-judicial disclosures are permitted in NY and when, and I'm just not sure what could happen in my situation. Mortgage was signed w/Key Bank in 2010. Not sure it contains power of sale clause but im going to assume it does cause most mortgages do in some form or another. I defaulted in Feb with non-payment and I received a letter from the bank asking for the return of the collateral (the property at issue).
Typically, in a case as you have described, the process would be "judicial" foreclosure proceeding; however, the only way to be fairly certain is to carefully review and inspect the original mortgage, promissory note and any additional addenda contained therewith.
Essentially, it would behoove you to immediately seek counsel to at least review said original documentation and to advise you on your current options. Should you have any further questions, comments or concerns, feel free to reach out anytime.
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