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

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.  

By |2020-07-27T13:33:34+00:00January 21st, 2014|Real Estate|0 Comments
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