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    What is a Motion for a Judgment of Foreclosure and Sale in a Foreclosure Case?

    If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. Today we’ll be talking about a Motion for a Judgment of Foreclosure and Sale and what it means to you in your foreclosure case. The Ending Stages of the Foreclosure Process In a previous post, we spoke about Referee Hearings and Notices of Computation. Once the Referee has reported their finding to the court (and your lenders and your foreclosure lawyer), and everyone has accepted...

    What are a Referee Hearing and Notice of Computation in a Foreclosure Case?

    If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. Today we’ll be talking about a Notice of Computation and a Referee Hearing and what they mean to you in your foreclosure process. How Does the Court Determine How Much I Owe? In a foreclosure proceeding, the court needs to determine how much you owe to the lender/bank that holds your mortgage. The court wants to know the total amount, including the mortgage loan (balance...

    What is a Summary Judgment Motion in a Foreclosure Case?

    If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. The Motion for Summary Judgment is usually the main motion in a foreclosure case, and how it goes in terms of what it says, how it is defended, and how it is decided will determine the course of your foreclosure case. What Is a Motion for Summary Judgment? Trials for an entire foreclosure case are unusual since foreclosures are usually disputed over the law and...

    Can I Stay a Foreclosure Sale Without Declaring Bankruptcy?

    If you live in New York, and your lender is trying to sell your house out from under you, you have options other than bankruptcy to have the courts stay (stop) the sales process. What is an Order to Show Cause? Besides declaring bankruptcy, an Emergency Order to Show Cause (OSC) is the other main method of staying a foreclosure sale. This method involves non-bankruptcy state law but is discretionary, meaning unlike the automatic stay in a bankruptcy case, a stay under an OSC needs to be court ordered. Unlike...

    New York Lowers the Interest Rate on Consumer Debt Collection Cases

    If you are struggling with consumer debt, are thinking about bankruptcy, and you live in New York, you need to ask your debt settlement lawyer about the new lower interest rates on money judgments. What is this new law on lower interest rates? Governor Kathy Hochul passed Senate Bill S5724A (https://www.nysenate.gov/legislation/bills/2021/S5724) lowering the interest rate paid on money judgments arising out of consumer debt. This new statute, CPLR § 5004 (https://www.nysenate.gov/legislation/laws/CVP/5004), lowers the interest rate that debtors have to pay on judgements against them from an average of 9% down...

    What Will Happen to My Second Mortgage During Bankruptcy?

    If you are considering bankruptcy, you have a second mortgage on your home, and you live in New York, you need to ask your bankruptcy lawyer about lien stripping.  What is Lien Stripping?  Lien stripping is part of a process that transitions your second mortgage from a secured loan to an unsecured loan. This option is only available under certain circumstances: You are declaring Chapter 11 or 13 Bankruptcy. Lien stripping is not allowed under Chapter 7.* The total assessed value of your home is LESS than the value of...

    Why is My Bank Reopening My Old Foreclosure Case ?

    Do you live in New York and have a foreclosure suit in your past (initiated more than 6 years ago) that was voluntarily dismissed? Thanks to the recent Engels Decision, your lender may be able to re-start its case against you despite the many years that have passed. But first, you need to understand some legal terminology. What is Loan Acceleration/De-acceleration? If you read through your mortgage documentation, you may come across a clause that states that if you stop paying your mortgage payments, your lender has the right to ask...

    What is the NYS Consumer Credit Fairness Act?

    If you live in New York and are currently fighting lenders about your consumer debt (like credit cards and car loans), the State recently passed a law you need to know about. The Consumer Credit Fairness Act The New York State Senate passed into law the Consumer Credit Fairness Act (Assembly Bill A2382). The impetus behind this new law was the growing problem of abusive debt collection practices, usually by third- or fourth-party collection agencies. These agencies would try to collect on debts that had been already paid, that had...

    When is an Eviction Illegal?

    If you live in New York and are in danger of being evicted, your landlord will have to follow strict state eviction regulations. If they don’t, they may be breaking the law. Evictions in New York are On the Rise New York State’s moratorium on evictions ended on January 15, 2022. This led to a sharp increase in eviction procedures in the local court systems. Many evictions were triggered by tenants unable to pay their rent due to the COVID pandemic. Even with the State’s ERAP Program trying to help,...

    Some Updated Information on Post-Pandemic Foreclosure Defenses

    If you live in New York, you may be confused with all the changing rules affecting foreclosures during and after the pandemic. If you’re going through the foreclosure process, here is some information you should know about possible foreclosure defenses. What Happened to Foreclosure Procedures During the Moratorium? During the height of the pandemic in the US, all foreclosure cases pretty much stopped in their tracks. The CARES (Coronavirus, Aid, Relief, and Economic Security) Act helped keep homeowners with federally backed mortgages from being foreclosed upon during the worst of...

    How Does the Kessler Decision Impact a 90-Day Notice?

    If you live in New York, the decision of a recent court case could unexpectedly give you more time to fight against a possible foreclosure. In the case of Bank of America v. Kessler, the courts chose to follow the exact wording of New York's Required Prior Notices law (RPAPL 1304). What does that mean for you? If your lender sent you a 90-Day Notice letter in the mail, and put anything else in the envelope, you may be able to have their foreclosure case dismissed. What is RPAPL 1304?...

    What’s Going On with ERAP?

    If you live in New York, and are either a landlord or a tenant, you may still be waiting to hear about your ERAP application. Here are some things you’ll need to know. A Quick ERAP Refresher The Emergency Rental Assistance Program (ERAP) is a New York State program to help tenants and landlords with missed rent payments due to the COVID-19 pandemic. Eligible tenants who are approved can receive up to 12 months of back rent for missing payments on or after March 13, 2020. ERAP applications can be...

    What are Contested Bankruptcy Motions?

    Bankruptcy cases rarely run smoothly and easily. If you live in New York and are about to go through the bankruptcy process, here is something to need to know. When the Courts Need to Step In While much of the bankruptcy process is administrative (handled by a bankruptcy trustee), you can end up in front of a judge for a number of reasons (which is why having the right bankruptcy attorney is so important). If there are any concerns that something fraudulent is happening, you may find yourself in an...

    Can I Negotiate Down My Business Debt?

    Most growing businesses take on debt at some point, but sometimes your debt can spiral out of control. If your business is based in New York, you have some options. What Types of Business Debt Are There? Business debt comes from multiple sources: Secured debts – loans like mortgages, equipment financing, and/or vehicle loans.Unsecured debts – loans like credit cards and/or personal loans.Leases – leases for business offices, machinery (like copiers, phone systems, and vehicles).Taxes – federal, state, and local government taxes like income, payroll, corporate sales taxes, and real...

    I’m Struggling on Paying My Private Student Loans! How Can a Lawyer Help?

    If you thought there was an easy way out of your student loans, we have bad news for you. If you live in New York and are struggling with your student loans, there are some things you need to know. I’m Behind on My Private Student Loans and Things Don’t Look Like They’re Getting Better! Between the pandemic, unemployment, possible medical bills, skyrocketing inflation, and many other catastrophic things that have happen lately, it’s no wonder that people find themselves struggling. But ignoring your debt will eventually only make the...

    How Do I Fix My Credit Score?

    Having your debts end up in collections can do horrible things to your credit score. If you live in New York, you have options to help start repairing your credit. Why is a Good Credit Score Important? Most people know that having a good credit score is important when getting a loan. The higher your score the lower your interest rate. Two people financing the same car for the same price in the same timeframe can have dramatically different monthly costs. With a bad credit score, you can end up...

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