Greenspoon Marder Financial Services Updates – State of New York
Jul 27, 2020
Fort Lauderdale, FL
On July 24, 2020, Administrative Order
Administrative Order 157/20 was issued, providing further direction on Residential/Commercial Foreclosures in New York.
Administrative Order 157/20 lifted the general stay of foreclosure matters which had been in effect since mid-March. Specifically, the Order requires:
All new foreclosure proceedings to be E-filed, with the required notice informing Defendants/ Tenants the eligibility for an extension of time to respond to the foreclosure complaint
A settlement or status conference must take place prior to proceeding with the foreclosure. During the conference, the Court will review any specific relief under state or federal law, to which the parties may be entitled.
After the requisite settlement or status conference is held, the Court may decide any pending or future motion and may entertain post judgement applications
All requirements set forth in Chapter 112 remain in full effect (wherein a Borrower applied for loss mitigation or expressed a hardship, a forbearance review was completed and the Borrower was offered mitigation options) and continues to be a condition precedent for any new foreclosure
No auction or sale can be scheduled to occur prior to October 15, 2020.
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