It is a process by which your rights as a homeowner are fortified once you fail to pay a mortgage. If you as an owner fails to pay off any outstanding payment and consequently not able to sell it off through a short sale, then a property will then go for auctioning. Moreover, when the property does not sell off at the auction it will consequently become a property to the initial lending institution. Anytime that your lender will give you some money without necessarily having a collateral for the same, it becomes hard for them to take you to court. That is why your lender takes such action against your case. Below are some critical advantages of foreclosure Manhattan New York, NY homes.