News & Analysis as of November 17, 2024

Foreclosure

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Tips on Using a Settlement Conference RJI to Show CPLR 3215(c) Compliance in New York Foreclosure Actions

Hinshaw & Culbertson - Consumer Crossroads on 11/8/2024

In New York civil actions, where a defendant fails to answer the complaint, the next step is usually a motion for a default judgment pursuant to CPLR 3215. However, in residential mortgage foreclosure actions, the plaintiff...more

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

Cadwalader, Wickersham & Taft LLP on 7/31/2024

The Second Department recently held in Trento 67, LLC v. OneWest Bank, N.A., et. al that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more

Ex Parte Appointment of a Receiver Confirmed

Cadwalader, Wickersham & Taft LLP on 4/3/2024

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Fraud Notes: Duplication, Failure to Identify Misrepresentations of Fact, and Fraudulent Concealment

Freiberger Haber LLP on 8/28/2023

On August 23, 2023, the Appellate Division, Second Department issued two decisions that briefly touched upon fraud causes of action: Hershman v. Bank of N.Y. Mellon, 2023 N.Y. Slip Op. 04369 (2d Dept. Aug. 22, 2023) (here),...more

New York Appellate Court Reaffirms Avenue For Lenders To Revive Dismissed Cases Following Expiration of Statute of Limitations

Locke Lord LLP on 2/17/2017

As we get further away from the financial crisis of 2008, the statute of limitations has become a much more asserted and examined defense in mortgage foreclosure actions. Last week, New York’s Appellate Division, Second...more

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