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ARTICLE · 02 JULY 2020

New York Updates Pandemic Foreclosure Procedures

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

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On March 20, Governor Cuomo issued a blanket moratorium on foreclosure by lenders of any residential or commercial property until June 20, 2020...

United StatesCoronavirus (COVID-19)

On March 20, Governor Cuomo issued a blanket moratorium on foreclosure by lenders of any residential or commercial property until June 20, 20201. This protection was extended to August 20, 2020 for those residential or commercial mortgages owned by someone “that is eligible for unemployment insurance or benefits under state or federal law or otherwise facing financial hardship due to the COVID-19 pandemic.2 ”

However, effective on June 24, 2020, New York's Chief Administrative Judge Lawrence Marks procedurally extended the foreclosure moratorium. Here's what all New York owners, lenders and real estate litigators need to know.

Justice Marks forbid, until August 20, 2020: (1) entertaining or deciding any foreclosure cases other than motions to discontinue a pending case and (2) issuing judgments of foreclosure except for vacant and abandoned property. Prior to August 20, 2020, the courts will issue further directives regarding processing foreclosure cases.

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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