Foreclosure

UPDATE – Zombie Foreclosures: Are they coming for you?

UPDATE – Zombie Foreclosures: Are they coming for you?

Due to the housing crisis of the past 5 years, efforts have been made to give homeowners every conceivable chance to avoid the foreclosures of their properties, so that they are not forced out of their homes. While well-intentioned, some of these provisions have resulted in unintended consequences. One such impact has been the rise of “zombie foreclosures.”

Three “New” New York Foreclosure Laws Effective December 20, 2016

Three “New” New York Foreclosure Laws Effective December 20, 2016

The number of New York vacant and abandoned houses in foreclosure have skyrocketed in the past few years as a result of the incredibly long foreclosure process in New York, causing a blight on residential neighborhoods and prompting outrage from local municipalities. (See my article - Zombie Foreclosures Are They Coming For You?

Prior Foreclosure Not An “Act of Acceleration”!

Prior Foreclosure Not An “Act of Acceleration”!

By now, most servicers are fully familiar with New York’s Statute of Limitations and the nuance that it only begins to run on each installment when it becomes due unless accelerated. (See my article about the Statute of Limitations).  

Foreclosure Actions - How Does Accelerating the Mortgage Affect the SOL?

Foreclosure Actions - How Does Accelerating the Mortgage Affect the SOL?

My previous article regarding New York's Statute of Limitations (CPLR 213) described how New York provides an affirmative defense to actions based upon contractual obligations that accrued more than six (6) years ago.

Zombie Foreclosures: Are they coming for you?

Zombie Foreclosures: Are they coming for you?

Due to the housing crisis of the past 5 years, efforts have been made to give homeowners every conceivable chance to avoid the foreclosures of their properties, so that they are not forced out of their homes. While well-intentioned, some of these provisions have resulted in unintended consequences. One such impact has been the rise of “zombie foreclosures.”