Condition Precedent Mailings

In New York, two separate notices are typically required prior to commencement of a foreclosure on a residential one to four family property.  These are commonly known as the 30-Day Notice of Default (“Notice of Default”) required by the standard FNMA mortgage and the statutory 90-Day Notice.  This writing will discuss the sufficiency of proof [...]

By |2020-03-31T20:37:36+00:00January 17th, 2020|Foreclosure|Comments Off on Condition Precedent Mailings

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).  

By |2020-08-29T15:14:04+00:00April 17th, 2017|Default Mortgage Services, Foreclosure|0 Comments

Types of Short Sales—Part Two: Freddie Mac and Fannie Mae

In our last articlewe 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.

By |2020-08-29T15:18:37+00:00April 14th, 2016|Debt Collection, Real Estate|0 Comments

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.

By |2020-08-29T15:11:00+00:00February 25th, 2016|Foreclosure|0 Comments

Did You Know 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.

By |2020-01-09T21:19:16+00:00February 10th, 2016|Real Estate|0 Comments

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. 

By |2020-08-29T15:14:47+00:00May 8th, 2015|Debt Collection, Real Estate|0 Comments

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.

By |2020-03-31T20:45:54+00:00March 27th, 2015|Debt Collection, Real Estate|0 Comments
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