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First Department Holds Mortgagor That Sold Property During Foreclosure Has Standing to Raise RPAPL 1304 Defense Because He May Be Liable For Deficiency
RPAPL 1304 requires that at least ninety days before commencing legal action against a borrower with respect to a “home loan” (as defined in the relevant statutes), a lender must: send written notice to the borrower by certified and regular mail that the loan is in default; provide a list of approved housing agencies that offer free or low-cost counseling; and, advise that legal action may be commenced after ninety days if no action is taken to resolve the matter.
Jonathan Freiberger
12 hours ago5 min read
Second Department Affirms Denial of Summary Judgment in Mortgage Foreclosure Action For Failure to Demonstrate Compliance with RPAPL 1304
The Second Department has stated that an “RPAPL 1304 notice is a notice pursuant to the Home Equity Theft Prevention Act (Real Property Law § 265-a), the underlying purpose of which is to afford greater protections to homeowners confronted with foreclosure.”
Jonathan Freiberger
Aug 22, 20255 min read
Who is Considered a “Borrower” for Notice Purposes Under RPAPL 1304
RPAPL 1304 requires that at least ninety days before commencing legal action against a borrower with respect to a “home loan” (as defined in the relevant statutes), a lender must: send written notice to the borrower by certified and regular mail that the loan is in default; provide a list of approved housing agencies that offer free or low-cost counseling; and, advise that legal action may be commenced after ninety days if no action is taken to resolve the matter.
Jonathan Freiberger
Jun 28, 20245 min read
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