Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...more
On December 28, 2020, New York Governor Andrew M. Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), an act designed to prevent—until May 1, 2021—both evictions of...more
With new relief provisions put in place by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for homeowners and tenants facing payment defaults in coming months, mortgage servicers may feel the impact of...more
On March 21, 2020, New York Governor Andrew M. Cuomo issued Executive Order No. 202.9 (EO 202.9) temporarily modifying state banking law to grant the superintendent of the New York Department of Financial Services (DFS)...more
On March 20, 2020, New York Governor Andrew M. Cuomo issued Executive Order No. 202.8 (EO 202.8) suspending and tolling “any specific time limit for the commencement, filing, or service of any legal action, notice, motion, or...more
On March 19, 2020, New York Governor Andrew Cuomo announced a new directive to mortgage servicers to provide 90-day mortgage relief to New York borrowers impacted by the COVID-19 disease pandemic. That same day, the New York...more
Introduction-
The New York Appellate Division Third Department reached three notable determinations being closely monitored by the mortgage servicing and lending industry in the case Wells Fargo Bank, N.A. v. Portu, 2020...more
In an opinion penned by Justice Breyer on March 20, 2019, Obduskey v. McCarthy & Holthus LLP, No. 17–1307 (2019), the United States Supreme Court unanimously ruled that law firms acting on behalf of secured parties to...more
In Bank of New York Mellon v. Dieudonne, a highly anticipated decision for the mortgage servicing and lending industry, the New York Appellate Division’s Second Department held that a residential mortgage accelerates upon the...more