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

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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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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