What Should I Do If I Receive Foreclosure Papers in New York?
With increased inflation and rising home ownership costs, more and more homeowners have been falling behind on their mortgage payments this past year. Nationwide, foreclosures increased approximately 35% in the third quarter of 2023. This is evidence of the economic hardship that homeowners have been experiencing post-pandemic. In the borough of Brooklyn alone, foreclosures almost […]
When Can a Mortgage Company Foreclose in New York?
When a homeowner falls far enough behind on their mortgage payments to their lender or servicer, they are at risk of foreclosure. In New York, foreclosure actions typically go through the state court system, and require the filing of a summons and complaint which is then served to the homeowner who is in default. At […]
Foreclosure Caselaw Update: N.Y. Court of Appeals Reverses Kessler Decision
Introduction On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s decision in Bank of America v. Kessler, which had applied a very strict reading of §1304 of New York’s’ Real Property Actions and Proceedings Law or RPAPL. This section of the law contains the requirements for New York’s […]
What Can I Do If I Defaulted In Answering A Foreclosure Summons & Complaint?
When a homeowner is served a foreclosure Summons and Complaint in New York, they only have a limited time to file an Answer with the court. The amount of time allowed by the Civil Practice Law and Rules (CPLR) to file a response to a Summons and Complaint depends on how one is served. If […]
Foreclosure: The Statute Of Limitations In New York
Although it has been seven plus years it seems like there is no end in sight for the foreclosure crisis affecting New York. One question that is now frequently being asked, is whether or not lenders have filed their foreclosure lawsuits in a timely manner. There is uncertainty to both homeowners and lenders as to […]
Can A Bankruptcy Filing Stop a Foreclosure Sale in New York?
In the United States, foreclosure laws may vary from state to state. In contrast, bankruptcy is federal law and in general treats foreclosure uniformly. In New York, bankruptcy may be able to help stop a foreclosure sale. Filing for Chapter 7 can potentially delay a foreclosure action for a number of months while a Chapter […]