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New York Zombie Foreclosures

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.


Runtime: 92 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on December 19, 2017.

Call 1-866-352-9540 for further credit information.

  • AICP 1.5
     
  • This course has been approved by the American Planning Association for 1.5 hours of CM credit for AICP members.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Marianne McCarthy

Marianne McCarthy

Cullen and Dykman LLP

  • Partner in the Garden City, Long Island office of Cullen and Dykman LLP
  • Concentrates practice in banking and commercial litigation
  • Extensive experience in both commercial and residential foreclosures as well as other banking and commercial litigation matters including mortgage lien priority, forfeiture, tax lien foreclosure, mechanic lien foreclosures and lender liability issues, including fraud, GOL and RESPA claims, bad faith claims and wrongful foreclosure
  • Experience in title claim coverage issues as well as loan sales, loan modifications, workouts and receiverships
  • J.D. degree, Hofstra University School of Law; B.A. degree, Fairfield University
  • Can be contacted at 516-357-3725 or [email protected]
Samit Patel

Samit Patel

Cullen and Dykman LLP

  • Partner in the New York, New York and Newark, New Jersey offices of Cullen and Dykman LLP
  • Concentrates practice in banking and commercial litigation and has represented lenders and loan servicers in a number of high profile matters, including appeals involving complex commercial and residential mortgage foreclosure and lender liability claims
  • Highly experienced in litigating claims involving allegations of wrongful foreclosure, including allegations of fraud, breach of contract, deceptive business practices, and RESPA and civil RICO violations
  • Advises institutional clients on pre-litigation loan default strategies, workouts, note sales, receiverships, governmental investigations, forfeiture actions, subpoena compliance, lien priority disputes and title and property insurance claims
  • J.D. degree, Boston University School of Law; B.A. degree, Cornell University
  • Can be contacted at 212-510-2286 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400667
Published 2017
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