what took so long? And why aren’t other states following?
Reuters-
The New York State Assembly this week approved a bill designed to expedite residential foreclosure cases by requiring lenders to file mandatory paperwork earlier in the process.
The proposed law would create a new section, 3012-b, of the Civil Practice Law and Rules that would require lenders to file “a certificate of merit,” a sworn statement they have standing to foreclose on a home, at the start of an action, along with a summons and complaint.
The bill also would amend CPRL Rule 3408 to require lenders to attach copies of mortgage documents to the complaint, and file proof of service within 20 days.
Currently, lenders who bring residential foreclosure actions have 120 days to file a proof of service. They must simultaneously file a request for judicial intervention and the certificate of merit. Courts can then schedule a settlement conference.
[REUTERS]
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Mean while home on the range in florida. anyone can foreclose on anyone. doesnt matter thath fnm aquired a loan 1 week after closing, the servicer still forecloses?? and the judges they are just there to move cases along
That’s great for NY but that about the rest of us. The task force was created by President Obama for all states to benefit why are these laws only for NY. Eric Schneilderman is Creating laws to prevent lenders for breaking existing laws! fraud is fraud! I wonder what loopholes they will use to get around this rule it sounds pretty straight forward and puts the burden of proof back on the lender. If homeowners could all go back to the times before securitization! Follow the money and you will find the fraud.