Greenspoon Marder Financial Services Updates – State of New York

Publications Jul 27, 2020 Fort Lauderdale, FL

On July 24, 2020, Administrative Order Administrative Order 157/20 was issued, providing further direction on Residential/Commercial Foreclosures in New York.

Administrative Order 157/20 lifted the general stay of foreclosure matters which had been in effect since mid-March. Specifically, the Order requires:

All new foreclosure proceedings to be E-filed, with the required notice informing Defendants/ Tenants the eligibility for an extension of time to respond to the foreclosure complaint
A settlement or status conference must take place prior to proceeding with the foreclosure. During the conference, the Court will review any specific relief under state or federal law, to which the parties may be entitled.
After the requisite settlement or status conference is held, the Court may decide any pending or future motion and may entertain post judgement applications
All requirements set forth in Chapter 112 remain in full effect (wherein a Borrower applied for loss mitigation or expressed a hardship, a forbearance review was completed and the Borrower was offered mitigation options) and continues to be a condition precedent for any new foreclosure
No auction or sale can be scheduled to occur prior to October 15, 2020.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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Greenspoon Marder Financial Services Updates – State of New York

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