As of December 15, 2009, specific notice requirements and provisions must be adhered to per revised New York laws regarding foreclosure. When these requirements are not followed by lenders or assignees of mortgages, a foreclosure action may be challenged. If you need legal help understanding these requirements or if these laws were violated in your foreclosure case, it is important to talk to a Long Island foreclosure defense lawyer at the Law Firm of R. David Marquez, P.C. about your situation. Because the legal team at the firm has extensive legal experience and knowledge of New York foreclosure laws and procedure, they can review and evaluate your situation to determine the best legal plan for protecting you.
New York Mortgage Foreclosure Law
Per the law, a pre-foreclosure notice must be sent at least 90 days before the lender initiates legal action against a homeowner. This applies to all borrowers, not just those who have sub prime or nontraditional loans. The pre-foreclosure notice must advise the borrower of actions they may take to avoid a foreclosure, such as seeking a workable solution with their lender, seeking help from a housing counselor, or other options. Both assignees of mortgages and direct lenders are required to comply with this requirement.
A foreclosure notice to tenants of a dwelling that has become subject to foreclosure must also be delivered within 10 days after a summons and complaint have been served on the borrower. This foreclosure notice must inform the tenants of their legal rights. This law applies to tenants in buildings of one to four units.
Other provisions of the law pertain to the rights tenants to remain in a property that is subject to foreclosure, mention required filings with the Superintendent of Banks by the lender or assignee of mortgage, the duty of the lender to maintain a vacant or abandoned property that is subject to foreclosure, court rules for mandatory modification mediation, and more.
To obtain the best chances for a favorable outcome in your foreclosure defense, it is vital to obtain knowledgeable legal advice and guidance that is tailored to your situation. The firm’s attorneys are dedicated to assisting homeowners and business owners with skilled legal counsel in foreclosure defense.
Contact a Long Island foreclosure defense attorney at the firm to find out more about the legal foreclosure notice requirements and provisions today.
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