The Home Equity Theft Prevention Act; Another Pitfall In The Mortgage Foreclosure Process


New York’s mortgage foreclosure process, already a complex and time- consuming affair, just became more so. Real Property Actions and Proceedings Law section 1303, effective February 1, 2007, requires a foreclosing mortgagee to send the mortgagor an additional notice along with the summons and complaint. While seemingly innocuous and easy to comply with, the realities of law practice – especially a high volume mortgage foreclosure practice – will undoubtedly result in situations where the notice is not given and, as a result, a delinquent mortgagor may have ammunition to defend against a foreclosure action. In addition, in those circumstances where the notice is not given, the validity of the foreclosure sale, and the title transferred as a result thereof, may be imperiled.

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