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Tax Foreclosures: Notice to Mortgagees
Tax foreclosures implicate not only the interest of the delinquent fee owner, but also the interest of the holder of a mortgage on the fee interest. What happens when the mortgagee does not know about the tax delinquency, the tax foreclosure, or the expiration of the right to redeem the property? The Second Department recently confronted that issue in Matter of East West Bank v. L & L Associates Holding Corp. (NYLJ 11/28/16, p. 24., col. 4), and concluded that further discovery was needed to sort out the competing rights of the mortgagee and the purchaser of the tax lien on the property. Complicating the issue in Matter of East West Bank was the way the mortgagee acquired its interest: The original mortgagee was a failed bank, and the successor mortgagee obtained the mortgage through an assignment from the FDIC.
The East West Case
Roslyn Jane Holdings, LLC, the fee owner of commercial property in Nassau County, obtained a mortgage loan from United Commercial Bank (UCB). The California Department of Financial Institutions closed UCB in 2009, and the FDIC was appointed as UCB's receiver. In November 2009, the FDIC entered into a purchase and assumption agreement with East West, under the terms of which East West acquired the note, the mortgage, and all other documents related to the loan. The FDIC delivered the assignment more than four years later, in April, 2014. East West recorded the note and mortgage on June 2, 2014.
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
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