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Bergman on New York Mortgage Foreclosures
 
Copyright 2016, Matthew Bender & Company, Inc., a member of the LexisNexis Group.


1-7 Bergman on New York Mortgage Foreclosures 7.syn


Title

Election of Remedies and Initiating the Foreclosure Procedure

Author

Bruce J. Bergman

Chapter Summary


ABSTRACT TEXT:

This chapter from Bergman on New York Mortgage Foreclosures covers the election of remedies and initiating the foreclosure procedure.

The chapter first discusses the initial client contact and examines the documents and information required to prepare the acceleration letter or to foreclose. It next provides a general explanation of the two remedies available to the holder of the bond or note: to proceed at law and sue for judgment on the bond or note, or to proceed at equity and foreclose the mortgage. The chapter goes on to examine the applicable statute for the election of remedies, the consequences of failing to plead no other action pending, and the choosing of a remedy. The discussion then turns to examinations of the election to foreclose the mortgage and of the election to sue on the note. Other topics include the effect of subrogation, exceptions to the rule that foreclosure bars action at law, bringing an action on a fire insurance policy as an election of remedy, and liens for condominium common charges. The chapter provides numerous relevant forms and practice tips.

Bergman on New York Mortgage Foreclosures (Matthew Bender) provides definitive analysis of the law and practical guidance relating to residential and commercial property foreclosures in New York. It is complete with a multitude of annotated forms and tips for successful practice, covering mortgage drafting; mortgage collection procedures; acceleration of the debt upon default and defenses to acceleration; foreclosure process and procedures; alternative processes, including deed in lieu of foreclosure, settlement, and partial foreclosure; foreclosure litigation; the judgment of foreclosure and sale; bidding terms; the foreclosure closing; eviction; deficiency judgments; surplus money proceedings; and condominium and co-op foreclosures.

CORE TERMS:

New York mortgage foreclosure,mortgage foreclosure,foreclosure,mortgage default remedy,election of mortgage default remedy,initiating foreclosure,preparing acceleration,foreclosing documents,choosing mortgage default remedy,mortgage default remedy forms,subrogation,fire insurance policy,condominium common charges

RELATED CHAPTERS: (View)

For a general discussion of mortgage foreclosures, see Ch. 2, Overview and Guide to the Basics of Mortgage Foreclosure Concepts and Strategies.

For a discussion of default and acceleration, see Ch. 4, Default and Acceleration.

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