News & Resources

Get It Right the First Time: Best Practices for Mailing and Recording the New York RPAPL 90-day Pre-Foreclosure Notice

By Michael L. Moskowitz

 Get It Right the First Time: Best Practices for Mailing and Recording the New York RPAPL 90-day Pre-Foreclosure Notice By Michael L. MoskowitzNew York’s Real Property Actions and Proceedings Law (“RPAPL”) § 1304 requires a mortgage lender to notify a residential home borrower of an impending foreclosure action at least 90 days before the foreclosure action is commenced, using specific statutory language, printed in 14 point type, sent by registered or certified mail, as well as by first class mail, to the borrower. The emphasis of this article is the peril which will befall a lender if it fails to timely register the statutorily mandated notice.  

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Lender Alert: New Jersey Appeals Court Holds that Homeowners May Sue Over Denial of Mortgage Modifications

By Michael L. Moskowitz

Lender Alert: New Jersey Appeals Court Holds that Homeowners May Sue Over Denial of Mortgage Modifications By Michael L. MoskowitzA New Jersey Appeals Court recently held that homeowners who enter into trial agreements to modify their mortgages under the Federal Home Affordable Modification Program (“HAMP”), and comply with the terms thereof, may commence suit for breach of contract, and possibly consumer fraud, if lenders deny them permanent modifications.

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NJ Court: Bank Has Duty to Prevent Injury in Foreclosed Home

By Richard E. Weltman

NJ Court: Bank has Duty to Prevent Injury in Foreclosed Home By Richard E. Weltman{1:54 minutes to read} Wells Fargo Bank, as the owner of a foreclosed home in New Jersey, owed a duty of care to a prospective homebuyer who was injured when she tripped on a piece of glass while touring the home, a federal court judge in Newark ruled on January 28, 2015.

In reaching his decision, U.S. Magistrate Judge Michael A. Hammer explained that commercial lenders taking possession of a residential property through mortgage foreclosure assume the position of the owner, and thus assume the owner’s non-delegable duty to protect visitors from reasonably foreseeable injuries due to potentially dangerous conditions.

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More Judicial Oversight to Expedite NY’s Mandatory Foreclosure Conferences

More Judicial Oversight to Expedite  NY’s Mandatory Foreclosure ConferencesNew York’s Office of Court Administration recently announced relief for lenders and homeowners frustrated by high case volume delays affecting mandatory foreclosure settlement conferences in certain courts. Litigants will soon enjoy immediate and direct access to judges at these conferences in Kings, Queens, Nassau and Suffolk counties, the four counties with the highest foreclosure case volumes in the state.

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Update on Bankruptcy Exemptions: Bankruptcy Court Order Protects Debtor from Eviction

Update on Bankruptcy Exemptions: Bankruptcy Court Order Protects Debtor from EvictionWe recently reported on whether a bankruptcy debtor’s rent-stabilized lease constitutes an exempt asset in the form of a “local public assistance benefit” under New York Debtor and Creditor Law. The case is presently under consideration before the New York Court of Appeals.

Weltman & Moskowitz began following the case in October, when we reported on the chapter 7 trustee’s efforts to sell the rent-stabilized lease of Mary Veronica Santiago-Monteverde (“Debtor”), a 79-year-old widow. Many readers have been following the debtor’s opposition to the chapter 7 trustee’s efforts to sell the debtor’s interest in her rent-stabilized lease to the landlord as an asset of the bankruptcy estate.

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“Shadow Docket” Reform Moves New York Foreclosure Cases to Settlement Conferences

On July 31, 2013, Governor Andrew Cuomo signed the so-called “Shadow Docket” Bill in connection with New York residential foreclosure actions. The bill adds a new section 3012-b to New York Civil Practice Law and Rules (“CPLR”). The new law also amends CPLR § 3408.

The new law is intended to promote the honesty and transparency in the residential foreclosure process by clarifying the obligations of lenders’ attorneys to the court and eliminating the growing number of “shadow docket” cases. Such cases are held in legal limbo while awaiting critical information necessary to trigger the scheduling of mandatory settlement conferences.  The Office of Court Administration estimates that as of July 7, 2013, there are between 5,000 to 7,000 shadow foreclosure cases.

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CPLR §3215(c) Mandates Moving For Entry of Judgment Within One Year After Default Or Face Dismissal – A Cautionary Tale and A Success Story

Our client, a major New York-area Credit Union, hired outside counsel to file a residential foreclosure action involving a home loan. The complaint, filed by another law firm, was not verified by an officer or employee of the foreclosing lender.  Rather, it was signed only by the attorney.  Defendant homeowner failed to file an answer to the complaint...

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New Website! PaperStreet launches weltmosk.com re-design!

PaperStreet Web Design's development team just wrapped up the brand new re-design of weltmosk.com.   The new site not only has a modern design but is using the latest web technologies, JavaScript libraries, and web standards.

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