Per HinShaw Law, " The State of New York's Appellate Division for the Second Department has now addressed the issue of whether a lender's voluntary discontinuance of a judicial foreclosure action, whether by court order or stipulation of the parties, is sufficient evidence of a lender's intent to revoke the acceleration of the entire mortgage debt. Unfortunately for mortgage lenders, the court determined voluntary discontinuance is not
A number of clients requested us to design a solution to raise an alert flag during acquisition to take a deeper dive into NY files that may be at risk where the lender loses the right to foreclose on the NY loan based on the recent decision.New Acquisitions:
- The product is availableCurrent Portfolio NY Loans:
- If you have a portfolio of RPL and NPL loans in NY, we have designed a NEW cost effective product
to run a quick verification on NY loans in your portfolio to check if any loans are running a risk of foreclosure statute of limitation on refiling the action.