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Real Property Law
Mortgagee Entitled to Deficiency Judgment When Mortgagor's Submissions Are Insufficient to Rebut Mortgagee's Appraisal
New York Commercial Bank v. 18 RVC, LLC NYLJ 6/7/19, p. 30, col. 6 AppDiv, Second Dept. (memorandum opinion)
In an action to foreclose a mortgage, mortgagor appealed from Supreme Court's grant of a motion to enter a deficiency judgment. The Appellate Division affirmed, holding that mortgagor had not come forward with evidence sufficient to raise a triable issue of fact.
After a foreclosure sale on Dec. 18, 2012, mortgagee moved for a deficiency judgment. Supreme Court granted the motion, but the Appellate Division reversed, concluding that the appraisal report submitted by mortgagee was insufficient to support the court's determination of the fair market value of the premises. The court remitted the case to Supreme Court because it also concluded that mortgagor's submissions were insufficient to establish the fair market value of the premises. Mortgagee then submitted additional proof before Supreme Court, but mortgagor elected to rely on its previous submission. Supreme Court then granted mortgagee's motion for entry of a deficiency judgment, and mortgagor appealed.
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