CREATIVE APPROACH
Roach & Lin, P.C. is a New York law firm with over 40 years of experience representing Default Mortgage Servicers in matters involving Foreclosure, Bankruptcy, Evictions, REO Sales, Loss Mitigation and Litigation.
At Roach & Lin, we are lawyers that think outside of the box, finding creative and innovative approaches to assist Mortgage Servicers and Investors. The personal service and expeditious response time is the foundation of our practice. Read our article “Reducing the NY Foreclosure Timeline” to learn more about one of our creative approaches.
Fees
Roach & Lin, P.C. accepts all GSE fee schedules as well as those of any major lending institution or mortgage servicer.
Wall Street Quality at Long Island Prices
Roach & Lin, P.C. has acquired a reputation for creatively and successfully serving creditor’s rights in bankruptcy and foreclosure since 1979. Long Island Business News consistently ranks us amongst Long Island’s top law firms, yet we are small enough to always make your case a priority. Feel free to contact us at (516) 938-3100 or email us at info@roachlin.com
“The law office of Roach and Lin’s expertise and diligence has helped reduce foreclosure timelines on all of my NPL’s”
“The law firm of Roach & Lin continues to exceed our expectations in every way possible, as they outperform countless legal teams. As the owner of a national asset management company, we work with attorneys in almost every state, Roach & Lin wholeheartedly, hands down, is our favorite. Aside from their incredible legal expertise, and their ability to consistently operate with velocity, they work under an umbrella of integrity and incredible personal service. It’s one thing to be at the top of your industry in performance, it is another to do it while providing ‘Nordstrom’s’ customer service. Roach & Lin encapsulates that philosophy.”
“Roach & Lin 律师事务所是少有在纽约长岛由华人经营管理的团队. 他们为我们细心辦理购买房屋
的交易. 在我们的房地产交易里为我们争取最高的利益. 绝对是值得信赖与推荐的律师事务所.”
“Roach & Lin, P.C. is a rare gem in Long Island New York that is managed by Chinese speaking management. They handled the purchase of our house with utmost care. They were always looking out for our best interest during our real estate transaction. I highly recommend using them for your real estate transactions!”
LATEST PUBLICATIONS
Do We Still Need Assignments of Mortgages in New York?
The Court of Appeals recently confirmed that “the note, and not the mortgage, is the dispositive instrument that conveys standing to foreclose under New York law,” and that “the validity of the … assignment of the mortgage" is "irrelevant!”
Stay Ahead of the Curve with New York’s Online Real Estate Databases
Prior to the age of the internet, specific information about real estate, such as who owned the property, what mortgages were attached to it and what taxes were owed, could only be obtained by physically examining the County Clerk's records. While this could be done by an attorney or even a lay person, few had the requisite expertise or time to do so and typically a title insurance company would be paid a fee to conduct a search and prepare a report containing the information required.
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.
Loss Mitigation: The NY State Court Process
Prior to 2008, a New York foreclosure would be completed in a year or less. While Loss Mitigation existed, it was not a formal process as it is today, it's something that Servicers did throughout the foreclosure process. This process, known as “Dual Tracking”, was intended to avoid delays in the foreclosure process should the Loss Mitigation efforts fail, but is now prohibited by the Dodd–Frank Wall Street Reform and Consumer Protection Act. Read about it by clicking into our previous article.
Enforcement of Due on Sale Clause & Due-On-Encumbrance Clause
Due-on-Sale Clause
The Due-on-Sale clause contained in most mortgages provides that if the property secured by the mortgage is sold to a third party without the lender's consent, the lender has the right to demand full payment of the loan. Lenders require this so that any prospective purchaser will feel compelled to submit a complete application to them, in order to avoid the risk of a foreclosure based upon the default of failing to obtain the lender’s consent. The application will contain the purchaser’s employment, income and all other information the lender would obtain if the purchaser was applying for a new loan. If the bank is satisfied with the creditworthiness of the purchaser, they will consent to the sale.
Updates to NY’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.
