Lenders, servicers and their counsel need not be reminded of the continuing threat that the expiration of the statute of limitations presents to the successful prosecution of a mortgage foreclosure action. That is why the rescue provision afforded by CPLR 205(a) is so meaningful.1 As readers will know from earlier articles, a plaintiff (in our context … Continued
Under the New York case law of caveat emptor, the seller has no duty to disclose any information about a residential or commercial property to be sold—particularly as to its condition—unless there is a confidential or fiduciary relationship, or some conduct that constitutes active concealment, affirmative misrepresentation or partial disclosure. Most contracts of sale include … Continued
We have the unfortunately common situation today where a homeowner defaults in making monthly payments as called for in a note that is secured by a mortgage on a homeowner’s house. Simple enough: the holder/bank (hereinafter the “bank”) accelerates, proceeds to complete foreclosure, and sells the property. Ah, the good old days. They are gone, … Continued
We have the unfortunately common situation today where a homeowner defaults in making monthly payments as called for in a note that is secured by a mortgage on a homeowner’s house. Simple enough: the holder/bank (hereinafter the “bank”) accelerates, proceeds to complete foreclosure, and sells the property. Ah, the good old days. They are gone, … Continued
I. Mortgage Commitment Contingency Clause Cases from July 2000 through June 2021 A. Prior Articles and Update on Cases Residential contracts of sale usually contain a mortgage commitment contingency clause providing that the obligation of the purchaser to purchase is conditioned on the issuance within a stated number of days of a commitment from an … Continued
Our Section held our second virtual Annual Meeting in January. While we missed meeting in person, the silver lining is that the meeting continues to be available online for CLE credit if you were previously unable to attend. Our meeting included a presentation by David Fitzhenry of Ganfer Shore Leeds & Zauderer, and Howard L. … Continued
Last June, the nation’s attention was riveted by the collapse of the 12-story Champlain Towers South condominium building in Surfside, Florida. Ninety-eight people died, dozens more were injured, and everyone in the building lost their homes and their investments. As everyone processed these events, questions were inevitably raised as to how something like this could … Continued
Dwight R. Ball passed away on October 22, 2021, in Sarasota, Florida at the age of 86. Dwight was the Chair of the Executive Committee of the Real Property Law Section from 1986 to 1987. Dwight remained active in the New York State and Broome County Bar Associations after his tenure as Section Chair, and … Continued
Lenders and their attorneys have seen this type of case before, but they keep on coming. So, the principles—comforting to lenders—are worthy of reciting anew when encountered, as is so in a recent case.1 This started out as a garden variety bank foreclosure which proceeded to judgment of foreclosure and sale—which happened to be on default—then to … Continued