• New York Loan Modifications: Restrictions & Denials

      With the expiration of the federal Home Affordable Modification Program (“HAMP”) in December 2016, struggling borrowers have had to turn to standard in-house loan modifications for relief from financial hardships. In-house modifications have been a staple of American banking since well before HAMP.

      Ronald D. Weiss, PC- 30 readers -
    • Who Wants a Free House? Applying Res Judicata to Foreclosure Cases

      As the backlog of judicial foreclosure cases grew substantially in recent years in states such as New York, New Jersey, and Florida, many homeowners found their cases dragging on for years or even ignored altogether by their mortgage lenders. As the statute of limitations began to run on foreclosure actions, some homeowners found themselves in a unique position – the mortgage l ...

      Ronald D. Weiss, PC- 20 readers -
    • The 90-Day Foreclosure Letter: Proving Service

      In a continuing effort to minimize homestead foreclosures in the Empire State, New York Real Property Actions and Proceedings Law (RPAPL) Section 13041 requires notice be sent to the mortgagor at least 90 days before a foreclosure action is commenced against the borrower. This provision applies no matter the type or balance of the loan and is equally applicable to lenders, assi ...

      Ronald D. Weiss, PC- 18 readers -
  • Order to Show Cause to Stay Foreclosure Sale in New York

    Upon entry of Judgment of Foreclosure and Sale1 in New York Supreme Court, the judgment will generally direct that the mortgaged premises be sold at public auction at a particular date and time, typically four months after entry of the foreclosure judgment. At common law, however, a borrower’s right to redeem the home lasted until the home was officially sold at public auctio ...

    Ronald D. Weiss, PC- 16 readers -
  • Summary Judgment in New York Foreclosure Actions

    A motion for summary judgment (1) aims is to prove to the court that the matter before it does not require a trial because neither party disputes the facts, meaning that the court can render judgment on the matter solely with the information before it. Generally, either party may make motions for summary judgment pursuant to CPLR 3212 (2) after filing an answer to a foreclosure ...

    Ronald D. Weiss, PC- 16 readers -
  • Loss Mitigation in Bankruptcy Court

    When a client walks into the office of a New York bankruptcy attorney with the intent to declare personal bankruptcy, it is often with head held low, believing everything is about to change. But did you know that the concept of bankruptcy is far from a recent legal construct? Article 1 of the United States Constitutionactually authorizes Congress to make uniform laws governing ...

    Ronald D. Weiss, PC- 12 readers -
  • New York Foreclosure Procedure: When Will a Court Compel the Discovery of Documents?

    Barring aggressive legal intervention, the foreclosure process in New York typically takes fifteen months from a missed payment to the final sale of the homestead. This is one of the longest foreclosure processes in the United States, and because New York is a judicial foreclosure state, foreclosures can only be accomplished by filing a suit for foreclosure in the New York Stat ...

    Ronald D. Weiss, PC- 12 readers -
  • Original Notes and Loan Papers: What Does a Lender Need to Foreclose?

    Especially for new homeowners, understanding the precise nature of every mortgage related document you sign throughout the closing process can be difficult. However, even though these original documents are the keys to ownership of your real property, the more a loan interest changes hands, the higher the likelihood that these original documents may be misplaced in the process.

    Ronald D. Weiss, PC- 12 readers -
  • The Statute of Limitations Defense in New York Foreclosure Actions

    In order to fully grasp the sometimes alarming outcome of a foreclosure action when a lien holder violates the six (6) year statute of limitations governing such cases, it is important to understand why statutes of limitations are so prominent in real property actions. Although enacted by the legislator, as opposed to a derivative of the common law, statutes of limitations enfo ...

    Ronald D. Weiss, PC- 14 readers -
  • The Statute of Limitations Defense in New York Foreclosure Actions

    In order to fully grasp the sometimes alarming outcome of a foreclosure action when a lienholder violates the six (6) year statute of limitations governing such cases, it is important to understand why statutes of limitations are so prominent in real property actions. Although enacted by the legislator, as opposed to a derivative of the common law, statutes of limitations enfor ...

    Ronald D. Weiss, PC- 15 readers -
  • Triggering the Statute of Limitations in a New York Foreclosure Action

    Although the term “foreclosure” is used liberally whenever a mortgagor is unable to abide by the terms of his mortgage note, in New York, “foreclosure”1 actually refers to a supreme court lawsuit filed by the mortgage holder, traditionally a bank or finance company, against the mortgagee, traditionally a private homeowner.

    Ronald D. Weiss, PC- 10 readers -
  • Lapsing of the Statute of Limitations in New York Foreclosure Actions

    Pursuant to New York’s Civil Practice Law and Rule 231 (4), a lienholder is generally required to bring judicial action on a note secured by a mortgage on real property within six (6) years of acceleration of the mortgage note. This can be accomplished by filing a foreclosure summons and complaint in supreme court or through some clear, overt act accelerating the balance due, s ...

    Ronald D. Weiss, PC- 12 readers -
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