ARTICLES BY ROACH & LIN, P.C.
Located in Syosset, NY, Roach & Lin, P.C. has the most experienced professionals in real estate, litigation, foreclosure, and bankruptcy law. Our vast knowledge and experience allow us to effectively take on any case. We do everything we can to better serve our clients and exceed their expectations! To learn more about our practice, please read some interesting articles about New York debt collection and real estate law.
Types of Short Sales—Part Three: FHA
In the first two parts of this series of articles, we discussed the short sale programs offered by HAFA (Home Affordable Foreclosure Alternatives), Fannie Mae (Federal National Mortgage Association; FNMA) and Freddie Mac (Federal Home Loan Mortgage Corp; FHLMC).
Types of Short Sales—Part Two: Freddie Mac and Fannie Mae
In our last article, we discussed the different types of short sales available and some of the details of the HAFA short sale program, in particular. In this article, we discuss some of the requirements and provisions of the Fannie Mae and Freddie Mac short sales.
Types of Short Sales—Part One: HAFA
In my previous article, “How Short Is the Short Sale Process?” I described the process of having a short sale approved. In this series of articles, I will be discussing the specific requirements that must be satisfied in order to be approved.
Foreclosure Actions – How Accelerating the Mortgage Affects 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.
The 90-day Notice Requirement Extends the Statute of Limitations
New York’s RPAPL 1304 requires that prior to the commencement of a foreclosure action, a notice must be given to the borrower allowing 90 days to cure the default before the plaintiff is allowed to file the summons and complaint.
RPAPL 1304 – Are Mortgagors “Borrowers”?
New York's pre-RPAPL Section 1304 requires lenders to serve a notice to each "borrower" at least 90 days prior to the commencement of a foreclosure. Failure to do so will cause the foreclosure to be dismissed, as the requirement is considered to be a condition precedent to the commencement of the foreclosure. New York’s statute, however, does not define a “borrower" or distinguish between the parties who execute the note and those who execute the mortgage.