If a mortgage holder in a home loan case sends a statutorily mandated 90-day notice, but then refrains (volitionally or otherwise) from commencing the mortgage foreclosure action for more than a year thereafter, must it suffer the detainment of sending a new 90-day notice? A recent case in the Appellate Division finally banishes what had been a thorny and eventually time consuming lender dilemma by answering the question in the negative.1
It is no mystery that the sources of delay in New York mortgage foreclosure actions are legion. One meaningful aspect, though, may be rather obscure, albeit well known to mortgage lenders, servicers and their counsel.
