Howard Kingsley, who represented Broom Lender in “Broome Lender LLC v. Empire Broome LLC,” discusses the case and how the Appellate Division, First Department removed common obstacles and cleared the path for assignees of mortgage loans to foreclose easily and quickly. Kingsley offers that the case is a "major win for lenders and their assignees because there had not been a prior decision by a New York state court where it found that, although standing was not established through an allonge, standing was established on summary judgment by the assignment of the note."
January 16, 2024 at 10:00 AM
8 minute read
Actions to foreclose a commercial or residential mortgage should be relatively simple. All the lender needs to do is submit the note and mortgage to the court and provide proof that the borrower defaulted.
It seems easy, but when it comes to lenders who did not originate the loan, the path to foreclosure is lined with technical obstacles that borrowers use to frustrate the assignee and delay foreclosure while the borrower fails to pay any debt service, sometimes for many years.
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