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Real Property Law
Mortgagee Bad Faith
Aurora Loan Services, LLC v. Diakite
NYLJ 3/3/17, p. 38, col. 4
AppDiv, Second Dept.
(memorandum opinion)
In a residential foreclosure action, mortgagee appealed from Supreme Court's order tolling interest, costs and attorneys' fees as a result of mortgagee's failure to negotiate in good faith. The Appellate Division affirmed, holding that mortgagee had not negotiated in good faith and that the sanction imposed was warranted by the mortgagee's actions.
After mortgagor defaulted on the mortgage loan, mortgagor applied for and completed a trial modification under the Home Affordable Modification Program. Nevertheless, mortgagee did not offer a loan modification to mortgagor. The latter then made additional payments, but mortgagee declined and returned the payments. After that time, mortgagee made numerous requests for additional documentation, including requests for documents that had already been provided. Mortgagee also, on multiple occasions, failed to comply with a referee's directives to appear by counsel with knowledge of documents upon which mortgagee purported to rely. Based on these facts, the referee concluded that mortgagee was not negotiating in good faith.
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