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In a set of foreclosure cases decided in late February, the Court of Appeals resolved some of the questions that have plagued New York’s court system in the aftermath of last decade’s mortgage crisis. When borrowers defaulted on their mortgage loans, immediate foreclosure was not always the best option for mortgagee banks, especially in what was, for a number of years, a weak housing market. Suppose, however, the bank delayed in bringing a foreclosure action. When would the statute of limitations bar a foreclosure action or an action on the underlying mortgage debt, leaving the defaulting mortgagor with title free and clear of the mortgage? In the last few years, hardly a week has gone by without a case involving the application of the statute of limitations to defaulted mortgages. In Freedom Mortgage Corp. v. Engel and its companion cases, the Court of Appeals provided a road map for resolution of these cases.
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Sui Generis: Collaborate Like You Mean It
By Lydia Pilch
Part Three of a Series
This article offers up some thoughts about how lawyers ought to access and manage resources in order to provide a multi-faceted, full-service approach to addressing their clients’ needs.
Court of Appeals Addresses Pretext By Municipalities As A Bar to Land Use Approvals?
By Steven M. Silverberg
Recently, there have been several instances in which municipalities have been challenged by property owners claiming that the municipal boards have utilized delaying tactics and other actions as a pretext to prevent development of their properties.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
Given that landlord damage claims could overwhelm other creditor claims in a tenant’s bankruptcy case, the Bankruptcy Code includes a provision that limits a landlord’s claim, which presents challenges for landlords as creditors in bankruptcy cases.
Due Diligence Commercial Leasing Best Practices In New Jersey
By Zachary Rosenberg
Due diligence for CRE loans involves a comprehensive review and analysis of the various conditions and risks associated with the property being mortgaged, with the goal of mitigating such risks to the greatest possible extent before closing the loan.