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Live Webinar

90-minute live streaming program
  • December 19
  • 1:00 - 2:30 pm EST

New York Zombie Foreclosures

December 19

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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Why Lorman?

Over 30 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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More Program Information

Why Lorman?

Over 30 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

Live Webinar Registration

  • 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.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of real estate law. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live 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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Why Lorman?

Over 30 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 30 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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