Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more
6/19/2024
/ Bankruptcy Court ,
Borrowers ,
Deeds ,
Default ,
Escrow Holders ,
Foreclosure ,
Lenders ,
Mortgages ,
Property Owners ,
Real Estate Transactions ,
Right of Redemption
In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more
3/29/2024
/ Appellate Courts ,
Borrowers ,
Breach of Contract ,
Contract Claims ,
Foreclosure ,
Loan Agreements ,
Mortgages ,
Non-Recourse Loans ,
NY Supreme Court ,
Promissory Notes ,
Statute of Limitations
In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more
In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more
The Rent and Mortgage Cancellation Act of 2020, introduced on July 10, 2020 by Assemblymember Yuh-Line Niou (D) and Senator Julia Salazar (D), proposes to cancel residential rent payments and mortgages for small homeowners...more
As borrowers fall into financial distress as a result of the ongoing coronavirus pandemic, or otherwise, and loans default, some lenders look to foreclose their mortgage and mezzanine loans. While there is little judicial...more
The Coronavirus Aid, Relief, and Economic Security Act (commonly referred to as the “CARES Act”) was enacted on March 27, 2020. The CARES Act is a nearly $2 trillion stimulus package aimed at combating the economic impact...more