Greenspoon Marder Financial Services Update – State of New York
Jun 24, 2020
Fort Lauderdale, FL
Residential and Commercial Foreclosure Moratorium Process Update
On June 23, 2020 the Chief Administrative Judge issued a
memorandum with corresponding Administrative Orders setting forth the procedures for proceeding with Residential and Commercial foreclosure matters.
The Administrative Orders are effective June 24, 2020 and set forth the following:
New foreclosure complaints,
where the property is deemed vacant and abandoned and not subject to any HUD,VA, or FHFA hold, must be filed with the attached Attorney Affirmation, confirming compliance with all state and federal restrictions. In addition, the Complaints will be served with a notice to Borrowers/Tenants, informing them that there is an extension of time to respond to the Complaint. Represented parties may begin to schedule virtual settlement conferences
Judgement of Foreclosure and Sale may be filed if the property is deemed vacant and abandoned. Courts will not permit the filing of any Order of Reference, Default Judgement, Summary Judgement, and/or Motion for Extension or Amendment
Foreclosure auctions are suspended
Discontinuance pleadings may be filed
This directive is subject to change, and may be further limited to specific county and judge protocols.
Our office is has already begun reviewing our New York portfolio to proceed as applicable per the Chief Administrative Judge’s Memorandum.
Please reach out to us to further discuss.
About Greenspoon Marder
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