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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
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