Foreclosure Process

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.

Loss Mitigation: The Bankruptcy Process

Loss Mitigation: The Bankruptcy Process

In our last article, we discussed the Loss Mitigation procedures that occur in the state court, as part of the foreclosure process. In addition, Servicers are required to participate in Loss Mitigation within the Bankruptcy Court, once a Borrower files a Bankruptcy Petition. Since the Bankruptcy Court is a part of the federal court system, the process begins anew, regardless of what occurred at the state court mediation.