News - Advantage Foreclosure

June 9, 2023

INDUSTRY BULLETIN 2023-AF04 – PRIORITY OF COMMON CHARGE LIEN

In general, a lien for common charges is subordinate to a first position mortgage. However, in certain situations this will not be the case. A recent court decision discussed this issue. In Wilmington Trust , N.A. v. Elmwood NYT Owner, LLC, […]

May 2, 2023

INDUSTRY BULLETIN 2023-AF03 – EQUITABLE MORTGAGES AND TENANCY BY THE ENTIRETY

From time to time, not all the record owners of a property were a party to the mortgage. In most situations, one of the parties is deceased, whereby the surviving owner takes out the mortgage. However, what happens when both […]

April 4, 2023

INDUSTRY BULLETIN 2023-AF02 – CAREFUL DRAFTING WILL AVOID COSTLY ISSUES

When a Complaint is drafted, it must be done with precise intent. All of the required allegations as required by the RPAPL and CPLR must be recited in order to avoid title concerns upon a third party. If there are […]

February 28, 2023

INDUSTRY BULLETIN 2023-AF01 – THE LOAN MODIFICATION AGREEMENT COULD JEOPARDIZE YOUR LIEN POSITION

Lenders and borrowers continually enter into Loan Modification Agreements (hereinafter “Modification”) in order to resolve the pending foreclosure and put the parties back in good standing. This Modification usually works in the form of a single instrument, as opposed to […]

October 3, 2022

INDUSTRY BULLETIN 2022-AF02- POSSIBLE LIGHT AT THE END OF THE TUNNEL ON THE KESSLER DECISION

At the end of 2021, the Appellate Court issued a decision in Bank of America, N.A. v. Kessler, 2021 NY Slip Op 06979 (2nd Dept. 2021) whereby the Court dismissed an action for failing to comply with RPAPL §1304, a condition precedent […]

July 27, 2022

INDUSTRY BULLETIN 2022-07AF – CASE NOTES

At the end of 2021, the Appellate Court issued a decision in Bank of America, N.A. v. Kessler, 2021 NY Slip Op 06979 (2nd Dept. 2021) whereby the Court dismissed an action for failing to comply with RPAPL §1304. RPAPL […]

July 13, 2021

INDUSTRY BULLETIN 2021-09 – RELOCATION LIENS

Relocation liens Without much fanfare, New York City has amended the Administrative Code to give Relocation Liens super lien status. Relocation Liens are codified under §26-305 of the New York City Administrative Code, and by statute, were treated like a […]

February 9, 2021

INDUSTRY BULLETIN 2021-AF01- FORECLOSURE UPDATES

As we are approaching year one of the pandemic, I am issuing this bulletin to keep everyone apprised of the current situation accompanied by information on pending bills in the New York State Legislature. Federal Moratoriums: Fannie Mae/Freddie Mac – […]

November 16, 2020

SENATE BILL 4190

On November 11, 2020, Governor Cuomo signed into law Senate Bill 4190 (also known as Assembly Bill 6796) which modified RPAPL §1321, RPAPL §1351 and CPLR §6511 by requiring the inclusion of the name and telephone number of the servicer […]

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