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Peril and Ambiguities in the New Foreclosure Statutes

BY Bruce J. Bergman
September 01, 2016

While the new omnibus foreclosure law (L.2010, ch.73), effective Dec. 20, 2016, can be presented as needed protection for borrowers and citizens generally, it adds expense, delay and confusion for any foreclosing lender. The analysis below highlights some of the questionable aspects of the new statute.

Judgment and Sale

The statute amends RPAPL ' 1351(1) to require that foreclosure sale be held within 90 days of the date of the judgment. Aside from presupposing that it is lenders who volitionally delay sales (a point strongly disputed), this fails to account for realities of foreclosure process. First, a judgment is not even available to a foreclosing plaintiff until entered. Depending upon the venue, this can be weeks or months after the date of the judgment, even when the plaintiff has diligently sought entry of the judgment.

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