News & Analysis as of

Foreclosure › NY Supreme Court

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Falcon Rappaport & Berkman LLP

Foreclosure Process Clarification: No Pre-Foreclosure Notice Required to be Served on Appointed Estate Fiduciary for Deceased...

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In a significant legal victory for lenders, the Supreme Court of New York recently ruled in favor of our lender client in a residential foreclosure action against the estate of its borrower. This decision confirms that...more

McGlinchey Stafford

The Court Sua Sponte Retroactively Applies FAPA to Dismiss Foreclosure

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On July 31, 2024, the New York Supreme Court, Appellate Division: Second Department reversed the trial court’s denial of borrowers’ motion to dismiss a foreclosure action filed prior to the enactment of the Foreclosure Abuse...more

McGlinchey Stafford

Under FAPA: Dismissal of Prior Foreclosure for Lack of Standing Does Not Estop Lender

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On July 31, 2024, the New York Supreme Court, Appellate Division: Second Department affirmed the dismissal of a quiet title action, which sought to discharge a mortgage as time-barred under the Foreclosure Abuse Prevention...more

Morrison & Foerster LLP

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

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In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more

Cadwalader, Wickersham & Taft LLP

There’s No Going Back: The Finality of Mortgage Foreclosures

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In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

Morrison & Foerster LLP

Hotel Mortgage Holder Barred from Converting Mortgage Loan In Part to Mezzanine Loan

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In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more

White and Williams LLP

New York County Supreme Court Upholds Accommodation Pledges

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In recent years, the claim that an accommodation pledge attached to a mortgage loan effectively “clogs” a borrower’s right of redemption has been the basis of numerous civil actions in New York courts. With the case of Atlas...more

Goulston & Storrs PC

The Importance of Having All Your Docs in a Row On a Commercial Foreclosure Summary Judgment Motion

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Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more

Cadwalader, Wickersham & Taft LLP

Further Developments in Mezzanine Foreclosures

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The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Cadwalader, Wickersham & Taft LLP

Going Green - February 2022 - Further Developments in Mezzanine Foreclosures

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The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more

Cadwalader, Wickersham & Taft LLP

Something Special, April 2021 | Issue No. 23 - Don’t Be Cruel: Appellate Division Upholds Waiver of Fiduciary Duties But Denies...

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Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in 111 West 57th Investment LLC, on...more

Morrison & Foerster LLP

Courts: A Foreclosure Pandemic Pause? (Part 3)

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Since the start of the COVID-19 pandemic, borrowers and lenders alike have sought clarity regarding the permissibility of UCC foreclosure sales in the midst of the ongoing pandemic and the resulting economic fallout, as...more

Skadden, Arps, Slate, Meagher & Flom LLP

New York Court of Appeals Ruling Could Shift Negotiating Leverage to Holdout Noteholders in Out-of-Court Restructurings

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The New York Court of Appeals’ recent 4-3 opinion in CNH Diversified Opportunities Master Account, L.P. v. Cleveland Unlimited, Inc., 2020 WL 6163305 (NY Oct. 22, 2020), could provide minority noteholders with additional...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During COVID-19: Court Finds UCC Foreclosure “Commercially Unreasonable” Because of Coronavirus-Related...

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A recent court decision in New York found that current market conditions in the real estate market justify delaying noticing mezzanine real estate foreclosures until October 15, 2020. A recent New York Supreme Court Order...more

Cadwalader, Wickersham & Taft LLP

New York State Supreme Court Temporarily Halts UCC Foreclosure of Mezzanine Loan

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On August 3, 2020, in Shelbourne BRF LLC, Shelbourne 677 LLC v. SR 677 BWAY LLC, the Supreme Court of the State of New York (the “Court”) granted the borrower plaintiffs’ motion for a preliminary injunction and prohibited the...more

White and Williams LLP

New York Court Temporarily Enjoins UCC Foreclosure Sale

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New York courts have become a battleground for challenges to foreclosure sales under the Uniform Commercial Code (UCC) amidst the COVID-19 pandemic. Another trial court of the New York State Supreme Court (New York County)...more

Ballard Spahr LLP

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

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In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

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