Judgment of Foreclosure

Recent Decisions Regarding New York’s Pre-Foreclosure Requirements

Recent Decisions Regarding New York’s Pre-Foreclosure Requirements

Failure to strictly comply with two of New York’s recently enacted consumer protection statutes affecting residential foreclosures, RPAPL 1304 and RPAPL 1306, which require a 90-day notice to be sent to the borrower, and specific information contained therein to be filed with the New York State Department of Finance within three days thereafter, have recently been reviewed and interpreted by the New York courts. 

What Is A Deficiency Judgment?

What Is A Deficiency Judgment?

When borrowers obtain a mortgage loan, they sign a Note, promising to repay the loan, and a Mortgage, that provides for the property to be sold at a public auction if they default, so the loan may be repaid from the proceeds of the sale. Sometimes, however, the property is sold at the auction for less than the balance due to the lender, resulting in a deficiency.

Loss Mitigation Prohibitions - It Ain’t Just Loan Mods

Loss Mitigation Prohibitions - It Ain’t Just Loan Mods

Many loan servicers are under the misimpression that the prohibition against dual tracking only applies to loan modifications. This is incorrect; it also applies to forbearance agreements, deeds in lieu of foreclosures and short sales.

Do I Need to Appoint a Receiver?

Do I Need to Appoint a Receiver?

During the foreclosure process, any party may seek the assistance of a Receiver. The purpose of a Receiver is to maintain the status quo. They manage the property by overseeing maintenance and day-to-day operations, including collection of rent and payment of expenses. A Receiver has the ability to enter into leases, authorize repairs, retain attorneys, etc.