Pursuant to N.J.S.A. 2A:50-63, mortgagees foreclosing on residential real property may proceed under a rarely utilized Optional Foreclosure Procedure. An action completed under the Optional Foreclosure Procedures does not require a public sale, as Final Judgment awards Plaintiff title instead of the customary Sheriff’s Deed. A mortgagee may proceed under the Optional Foreclosure Procedure so […]
February 2014
How Quickly Can a Mortgagee Complete an Uncontested Foreclosure Action in NY?
Albeit a generally unpredictable process with varying timelines depending on title, service, and collateral issues etc… When the process aligns well, a foreclosure action in New York can be completed from Summons and Complaint to Judgment in approximately 6 months. Most recently, I represented a Lender where we filed a Complaint and Notice of Pendency […]
No More “Re-Notice” Requirement Westchester and Putnam County
Westchester County and Putnam County just became more favorable places to have a Foreclosure Settlement Conference for non-performing note investors in lieu of a new unwritten rule of the Part. Previously, if a borrower failed to appear at the first scheduled settlement conference, which is mandated by CPLR §3408, the appearing attorney for the noteholder […]
A Practical Interpretation of Cuomo’s New Foreclosure Certificate of Merit Act
Governor Cuomo recently signed an act that amends the CPLR by (1) adding a new section, 3012-b, and (2) amending subdivision (a) of CPLR 3408. This post is meant to function strictly as a practical interpretation of the changes created by the Act. Section 1 Section 1 of the Act amends the CPLR to add […]
Criticism of Cuomo’s Certificate of Merit Law & The Real Effects It Will Have
Foreclosure defense attorneys and the general New York media alike have praised Governor Cuomo for enacting a bill that will require lenders’ lawyers to file certificates of merit at the commencement of an action (click here for the complete language of the Act). Much like the October 2010 Order of Chief Judge Jonathan Lippmann (often […]
Plaintiff’s Right to Assign the Winning Bid at a Foreclosure Auction
Court appointed referees commonly permit successful bidders to assign their bid and vest title via the Referee’s Deed into the entity of their choosing. While defense attorneys making a last ditch effort to oppose a Motion to Confirm the Referee’s Report of Sale may claim this assignment is improper, a review of relevant case law shows […]
