Wednesday, August 8, 2012

NYC LOCAL LAW – FORECLOSURE FILINGS


Effective June 15, 2012, pursuant to Local Law 4 of 2012 a lender foreclosing a mortgage on residential real property must notice the New York City Department of Housing Preservation and Development within fifteen (15) days from commencement of suit, discontinuance of action, entry of judgment, and the transfer of title by Referee to purchaser at sale. Here is a link to the same:
http://www.nyc.gov/html/hpd/downloads/pdf/Foreclosure-Notification-Rules-Proposed.pdf

We will continue to monitor if other jurisdictions follow suit, but for now, be guided accordingly.