Stay Ahead of the Curve with New York’s Online Real Estate Databases

Prior to the age of the internet, specific information about real estate, such as who owned the property, what mortgages were attached to it and what taxes were owed, could only be obtained by physically examining the County Clerk's records.  While this could be done by an attorney or even a lay person, few had the requisite expertise or time to do so and typically a title insurance company would be paid a fee to conduct a search and prepare a report containing the information required.

By |2020-12-30T14:40:49+00:00July 31st, 2015|Real Estate|Comments Off on Stay Ahead of the Curve with New York’s Online Real Estate Databases
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Loss Mitigation: The Bankruptcy Process

In our last article, we discussed the Loss Mitigation procedures that occur in the state court, as part of the foreclosure process. In addition, Servicers are required to participate in Loss Mitigation within the Bankruptcy Court, once a Borrower files a Bankruptcy Petition. Since the Bankruptcy Court is a part of the federal court system, the process begins anew, regardless of what occurred at the state court mediation. 

By |2020-03-31T20:44:13+00:00July 7th, 2015|Debt Collection, Real Estate|Comments Off on Loss Mitigation: The Bankruptcy Process
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Loss Mitigation: The NY State Court Process

Prior to 2008, a New York foreclosure would be completed in a year or less. While Loss Mitigation existed, it was not a formal process as it is today, it's something that Servicers did throughout the foreclosure process. This process, known as “Dual Tracking”, was intended to avoid delays in the foreclosure process should the Loss Mitigation efforts fail, but is now prohibited by the Dodd–Frank Wall Street Reform and Consumer Protection Act. Read about it by clicking into our previous article.

By |2020-03-31T20:45:03+00:00June 22nd, 2015|Debt Collection, Real Estate|Comments Off on Loss Mitigation: The NY State Court Process
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Enforcement of Due on Sale Clause & Due-On-Encumbrance Clause

Due-on-Sale Clause

The Due-on-Sale clause contained in most mortgages provides that if the property secured by the mortgage is sold to a third party without the lender's consent, the lender has the right to demand full payment of the loan. Lenders require this so that any prospective purchaser will feel compelled to submit a complete application to them, in order to avoid the risk of a foreclosure based upon the default of failing to obtain the lender’s consent. The application will contain the purchaser’s employment, income and all other information the lender would obtain if the purchaser was applying for a new loan. If the bank is satisfied with the creditworthiness of the purchaser, they will consent to the sale. 

By |2023-05-25T05:41:07+00:00June 1st, 2015|Debt Collection, Real Estate|Comments Off on Enforcement of Due on Sale Clause & Due-On-Encumbrance Clause
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Updates to NY’s Pre-Foreclosure Requirements

Failure to strictly comply with two of New York’s recently enacted consumer protection statutes affecting residential foreclosures, RPAPL 1304 and RPAPL 1306, which require a 90-day notice to be sent to the borrower, and specific information contained therein to be filed with the New York State Department of Finance within three days thereafter, have recently been reviewed and interpreted by the New York courts. 

By |2020-08-29T15:14:47+00:00May 8th, 2015|Debt Collection, Real Estate|Comments Off on Updates to NY’s Pre-Foreclosure Requirements
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Loss Mitigation Prohibitions – It Ain’t Just Loan Mods

Many loan servicers are under the misimpression that the prohibition against dual tracking only applies to loan modifications. This is incorrect; it also applies to forbearance agreements, deeds in lieu of foreclosures and short sales.

By |2020-03-31T20:45:54+00:00March 27th, 2015|Debt Collection, Real Estate|Comments Off on Loss Mitigation Prohibitions – It Ain’t Just Loan Mods
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