New Home Foreclosure Rules for New York State

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New Home Foreclosure Rules for New York State

New Home Foreclosure Rules for New York State

October 20, 2010, 11:26 AM ET

By Chad Bray

New York is instituting new filing requirements in order to ensure the integrity of the home foreclosure process, the state’s chief judge said Wednesday.

Lawyers bringing foreclosure claims will now be required to file an affirmation that they themselves have taken reasonable steps to verify the accuracy of documents filed in support of residential foreclosures.

“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs–such as a family home–during this period of economic crisis,” said New York State Chief Judge Jonathan Lippman in a statement.

The new filing requirement goes into effect immediately. In new cases, the affirmation must be filed along with the initial request for judicial intervention. In pending cases, it must accompany a request for judgment or must be submitted to the court referee if a judgment has been entered, but the property hasn’t yet sold.

Continue reading…WALL STREET JOURNAL

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