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New York Zombie Foreclosures - Webinar

  • ID: 4394951
  • Webinar
  • November 2017
  • Region: United States
  • 90 Minutes
  • Lorman Business Center, Inc.
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Lenders and Servicers beware. Know your obligations regarding Zombie Properties.

Due to the public policy concerns regarding Zombie Properties, the New York legislature enacted new statutory requirements on lenders and servicers of defaulted mortgages on vacant and abandoned residential properties. These requirements include but are not limited to the inspection and maintenance of these properties during the delinquency of the loan. This material will fully familiarize you with these obligations which also include new reporting requirements to the New York State Department of Financial Services. It will include practical considerations with respect to the nature of the maintenance requirements and procedures necessary to ensure compliance with these new statutory obligations.

Learning Objectives
  • You will be able to describe how to expedite foreclosures of vacant and abandoned residential properties.
  • You will be able to recognize zombie foreclosures.
  • You will be able to discuss practical tips and considerations with respect to lenders obligations to inspect and maintain vacant and abandoned residential properties.
  • You will be able to explain procedures to ensure compliance with these obligations.
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Overview
  • Zombie Foreclosures and Why They Occur
  • Issues With Zombie Foreclosures
  • Applicability to Residential/Commercial Properties
  • Lender's Obligation to Inspect and Maintain
  • Overview of General NY Foreclosure Process and Milestones
  • Amendments to RPAPL §§ 1303 and 1304 - Notices
  • RPAPL § 1308 - Duty to Inspect, Secure and Maintain Vacant and Abandoned Residential Real Property
  • RPAPL § 1309 - Expedited Application for Judgment of Foreclosure and Sale for Vacant and Abandoned Property
  • Amendments to RPAPL §§ 1351 and 1353 - Sale and Post-Sale Timing Requirements
  • RPAPL § 1310 - Statewide Vacant and Abandoned Property Electronic Registry
  • Practical Tips and Considerations
  • Recovering Costs
  • Effect on Loan Underwriting
  • Recovering Inspections/Maintenance Costs From Borrowers
  • Amending Terms of Sale
  • Deficiency Judgments
  • Discovery/Record Keeping
  • Issues for Investors Purchasing Loans
  • Considerations for Commercial Properties
  • Identifying Commercial vs. Residential Properties
  • Receiverships
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Marianne McCarthy - Cullen and Dykman LLP, Samit Patel - Cullen and Dykman LLP
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This webinar is designed for attorneys, presidents, vice presidents, property owners and managers, landlords, lenders, real estate agents and brokers, developers, accountants, real estate investors, planners, and government officials.
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