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

Protections Provided by the Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act (SCRA), originally called the Soldiers and Sailors Civil Relief Act (SCRA), was enacted in 1940 to provide protection for members of the armed forces while serving our country. It requires lenders to provide forbearance and the reduction of interest rates with respect to certain obligations of military members, as well as restricting the entry of default judgments or evictions against them and their dependents.

By |2020-07-27T13:24:33+00:00November 10th, 2015|Real Estate|0 Comments

What Can a Seller Do When a Buyer Is Unable or Unwilling to Close as Scheduled?

When real estate is sold, the contract typically specifies that the closing will take place “on or about” a specified date. These “words of art” mean that the specified date is merely a “target date” and that the parties intend to close sometime in its vicinity; furthermore, each party will be entitled to an adjournment for a “reasonable time,” if needed, which New York courts have consistently defined as thirty (30) days.  

By |2020-03-31T20:38:38+00:00October 30th, 2015|Real Estate|0 Comments

Why I Love Teaching at St. John’s University School of Law

I have been teaching at St. John’s University School of Law as an adjunct professor since 1987. Adjunct law school professors teach part-time as opposed to full-time, and are typically lawyers who are brought in to lecture on their expertise.

By |2020-03-31T20:40:29+00:00September 30th, 2015|Real Estate|0 Comments

Mortgages: Adjustable or Fixed Rate; Which Is Better for You?

One of the most important decisions to make when purchasing a home is the type of mortgage to obtain.

A fixed rate mortgage is one where the interest rate remains the same throughout the entire life of the loan, until it is fully paid off.

 

By |2020-03-31T20:41:23+00:00September 14th, 2015|Real Estate|0 Comments

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.

By |2020-12-30T14:40:49+00:00July 31st, 2015|Real Estate|0 Comments

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.

By |2020-03-31T20:45:03+00:00June 22nd, 2015|Debt Collection, Real Estate|0 Comments

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. 

By |2020-08-29T15:08:10+00:00June 1st, 2015|Debt Collection, 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
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