That holders of defaulted mortgages are beset with problems and a surfeit of statutory roadblocks to prosecuting foreclosure actions is hardly a cause for widespread sympathy. Nor is there any outcry to rescue lenders facing foreclosure durations of three and four years, with the resultant accrual of interest, costs and protective advances for insurance and taxes, then rendering losses as certain. Nonetheless, it may be reasonable to urge that there should still not be confusion or uncertainty interpreting foreclosure statutes in such a way as to impose yet further detainment.
A particular case in point is RPAPL §1304, which requires that where the subject is a home loan,1 a certain 90-day notice must be sent to the borrower before a foreclosure action can begin. This notice mandate has been widely discussed and its details need not be further explored here.2
