Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.
Posts about Foreclosure
  • 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. A primary benefit of HAMP, however…

    Ronald D. Weiss, PC- 30 readers -
  • Requirements for Proving Notice After Commencement of Foreclosure in New York

    … Among New York foreclosure attorneys, it is common knowledge that New York Real Property Actions and Proceedings Law (RPAPL) Section 13041 requires notice of intent to foreclose be sent to the defaulting borrower at least 90 days before a foreclosure action is commenced in New York Supreme Court. However, the content, formatting, mailing…

    Ronald D. Weiss, PC- 13 readers -
  • The Standing Dead: Law Tackles the Plague of Zombie Properties in New York

    … resubmitted an expanded version of the proposed legislation in 2015. Finally, in 2016, the legislation passed and was signed by Governor Cuomo. Assemblymember Helene Weinstein sponsored all versions of proposed bills aiming to combat blighted properties, from the law passed in 2009 to the new regulations that went into effect in late December of 2016…

    Ronald D. Weiss, PC- 14 readers -
  • Overview of Foreclosure Bill of Rights for New York Homeowners

    … hearings, and any other proceedings These are only some examples of what is included in the consumer Bill of Rights and there are also rights during settlement conferences, after a loss mitigation or settlement agreement, and after a foreclosure judgment and sale. Consult with a Long Island Foreclosure Defense Attorney Today Having a skilled New…

    Ronald D. Weiss, PC- 13 readers -

    … In a previous article, I discussed the importance of recording a lis pendens in a construction lien foreclosure action. There is another noteworthy point relating to the impact of lis pendens that can provide quite a bit of consternation. Florida Statute 48.23(1)(d) provides: (d) Except for the interest of persons in possession…

    Florida Construction Legal Updates- 14 readers -

    … When you file a construction lien foreclosure lawsuit, you must also record a lis pendens in the official (public) records against the property. This lis pendens serves as written notice that there is a lawsuit concerning the real property, and more specifically, title relating to that real property. If the property is then sold or rented…

    Florida Construction Legal Updates- 12 readers -
  • Missouri Deficiencies After Foreclosure

    …, the Missouri Supreme Court affirmed that Missouri law will continue to calculate a deficiency judgment based on the difference between the debt owed and the price paid at foreclosure, absent modification by statute. In First Bank v. Fischer & Frichtel Inc.[1], the court voted 6-1 to uphold the state’s common law approach in lieu of adopting… 31 readers -
  • At Long Last Legislation Addresses Ibanez Issue

    … The Massachusetts Legislature and Governor Baker have taken a much needed step to limit further problems resulting from the Ibanez decision and its progeny. Those cases made clear that a foreclosure by a party that did not yet hold an assignment of the mortgage failed to convey good title. As a result, many third party buyers who had purchased…

    Gordon Orloff/ Massachusetts Land Use Monitor- 27 readers -
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