Mortgages on real property are typically delivered to a lender to secure loans evidenced by promissory notes. When a default occurs under the note and/or mortgage litigation frequently follows. If the borrower and/or guarantor are solvent, the lender may choose to sue on the note for monetary damages in an action at law. If the property is valuable, but the borrower has insufficient funds to satisfy a money judgment the lender might decide to sue to foreclose the mortgage

It is widely known that there is a residential foreclosure crisis throughout the country and New York State is no exception. The New York State Legislature responded by promulgating a series of rules designed to protect residential homeowners. These rules, however, place additional burdens on foreclosing lenders and courts throughout New York State have demonstrated little sympathy for foreclosing lenders that fail to follow these rules. For example, section 1303 of the Re