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.
Agenda
Faculty
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]
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]
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