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The state of foreclosure law in 2012
1.
The State of
Foreclosure Law in 2012 New York State Bar Association 136th Annual Meeting January 24, 2013 New York, New York January 24, 2013 © Adam Leitman Bailey, P.C.
2.
Appellate Judges are
Enforcing Contracts As Written With Few Exceptions Lenders beat borrowers 2:1 but does not tell entire story as 2012 appellate decisions showed a strict application of the laws. January 24, 2013 © Adam Leitman Bailey, P.C.
3.
One trend continuing
in 2012 is that the Second Department has the lion’s share of the reported cases and is therefore the most fruitful source of stare decisis. January 24, 2013 © Adam Leitman Bailey, P.C.
4.
Where is the
Note Defense? The 2012 cases adhered to the principle that mere servicers who cannot account for the whereabouts of the promissory note lack standing to bring a foreclosure action. In the Second Department: U.S. Bank Nat. Ass’n v. Dellarmo, 94 A.D.3d 746, 942 N.Y.S.2d 122; Citibank, N.A. v. Van Brunt Properties, LLC, 95 A.D.3d 1158, 945 N.Y.S.2d 330; US Bank Nat. Ass’n v. Cange, 96 A.D.3d 825, 947 N.Y.S.2d 522; Wells Fargo Bank, N.A. v. Hudson, 98 A.D.3d 576, 949 N.Y.S.2d 703. January 24, 2013 © Adam Leitman Bailey, P.C.
5.
What to do
When Losing the Note a. Producing a valid written assignment of the note or b. Demonstrating that the note was physically delivered to the lender. a. “the physical delivery of the note proper to the commencement of the foreclosure action is sufficient to transfer the obligation and the mortgage passes with the debt as an inseparable incident” U.S. Bank v. Collymore, 68 A.D.3d 752. January 24, 2013 © Adam Leitman Bailey, P.C.
6.
After the lender
demonstrates that it owns the note, it must explain to the court the circumstances upon which the note was lost. Loss of negotiable instruments such as promissory notes are addressed by the Uniform Commercial Code UCC 3-804 (Lost Destroyed or Stolen Instruments). a. Affidavit sufficient on what happened to the note. b. Affidavit must state more than the note was lost. c. Confirm that the note has not been sold or transferred. d. Must prove the terms of the written instrument. e. Affidavit must be based on personal knowledge January 24, 2013 © Adam Leitman Bailey, P.C.
7.
If standing was
defective at the time of the commencement of the action, it appears that the standing cannot be corrected and the case must be started over. U.S. Bank v. Dellarmo, 94 A.D.3d 746, 942 N.Y.S.2d 122 (2d Dept.). January 24, 2013 © Adam Leitman Bailey, P.C.
8.
No need to
substitute plaintiff when selling note in foreclosure action. Citibank, N.A. v. Van Brunt Properties, LLC, 95 A.D.3d 1158, 945 N.Y.S.2d 330 (Second Dept.); GRP Loan, LLC v. Taylor, 95 A.D.3d 1172, 945 N.Y.S.2d 336 (Second Dept. 2012) January 24, 2013 © Adam Leitman Bailey, P.C.
9.
Although it is
proper to amend the caption to reflect the new parties, the substitution in the action (and amendment of the caption) is not mandatory, but rather the original action can proceed as is after the assignment. Citibank, N.A. v. Van Brunt Properties, LLC, 95 A.D.3d 1158, 945 N.Y.S.2d 330 (Second Dept.); GRP Loan, LLC v. Taylor, 95 A.D.3d 1172, 945 N.Y.S.2d 336 (Second Dept. 2012) IndyMac Bank F.S.B. v. Thompson, --- N.Y.S.2d ----, 2012 WL 4513052, 2012 N.Y. Slip Op. 06582 (AD Second Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
10.
A purchaser of
a failed bank’s assets has standing to commence a foreclosure action, even if it is immune from whatever counterclaims the borrower may have asserted against the failed bank. JP Morgan Chase Bank Nat. Ass’n v. Miodownik, 91 A.D.3d 546, 937 N.Y.S.2d 192 (First Dept.). January 24, 2013 © Adam Leitman Bailey, P.C.
11.
Where the proceeding
is brought against a dead person, there is no fixing it. One must start the proceeding against the personal representative of the Estate. US Bank Nat. Ass’n v. Lieberman, 98 A.D.3d 422, 950 N.Y.S.2d 127 (First Dept.). January 24, 2013 © Adam Leitman Bailey, P.C.
12.
Merger Clauses Are
Not Always Enforceable Mortgages routinely contain Merger Clauses indicating that they are the complete understanding of the parties and that there are no oral representations or that any such oral representations are “merged” into the mortgage. However, a so-called “merger clause” in a mortgage will not necessarily bar claims of fraudulent representations, at least not where the clause is “bare bones.” Thus, the mortgage itself is vulnerable to attack through oral testimony claiming fraudulent inducement. (LibertyPointe Bank v. 75 East 125th Street, LLC). January 24, 2013 © Adam Leitman Bailey, P.C.
13.
Merger Clauses Are
Not Always Enforceable Contrast this with Emigrant Mortg. Co., Inc. v. Fitzpatrick, supra, that refuses to allow an attack on the mortgage based on a predatory lending claim where the mortgage transaction included boilerplate disclosures. 95 A.D.3d 1169, 945 N.Y.S.2d 697 (2d Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
14.
Counterclaims A waiver
in a mortgage of defenses or counterclaims does not preclude a counterclaim based on fraud, if properly asserted. Archer Capital Fund, L.P. v. GEL, LLC, 95 A.D.3d 800, 944 N.Y.S.2d 179 (Second Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
15.
Lender will only
be reimbursed for monies spent during foreclosure action if authorized in the mortgage instrument. A mortgagee in possession after an order of reference can safely expect reimbursement for the items spent after the appointment of a referee only if they are actually specified in the mortgage instrument allowed to be advanced, but nothing else–reimbursement should only be approved for expenditures that are necessary to maintain the premises. The court noted that the referee the court appointed, not the plaintiff, is charged with running the property. While the plaintiff in that case was simply out of luck in expending other funds for which reimbursement was refused, the Third Department precisely states what the plaintiff could have done to ensure that it would not be expending funds not subject to reimbursement. January 24, 2013 © Adam Leitman Bailey, P.C.
16.
Lender should seek
court approval before taking any actions beyond what mortgage authorizes The court wrote, “The prudent course for plaintiff would have been to seek court approval in advance of undertaking any actions that might be deemed ultra vires and obtaining permission to act and add the expenditure to the amount of its judgment, or move to expand the receiver’s powers and have the court authorize him to undertake those actions or make those expenditures.” (emphasis supplied) Bank of America, N.A. v. Oneonta, L.P., 97 A.D.3d 1023, 949 N.Y.S.2d 794 (Third Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
17.
Lender should seek
court approval before taking any actions beyond what mortgage authorizes In other words, rather than spending the funds and hoping for the best, the plaintiff could have sought court permission to spend the money itself or empower the receiver to do so. Consistent with our theme of strict enforcement, we find the court looking to the mortgage instrument itself and allowing only those expenses expressly specified in it – absent the prior permission. The Appellate Decision does not rule out the idea that Trial Term could have gone beyond the four corners of the mortgage in the sound exercise of discretion, given adequately persuasive reasons to do so prior to the making of the expenditure. Bank of America, N.A. v. Oneonta, L.P., 97 A.D.3d 1023, 949 N.Y.S.2d 794 (Third Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
18.
Foreclosure Shall Not
be Set Aside for Auctioning Less Than Contracted Price The price is set for the parcel regardless of the size of the parcel but when sold on a per acre basis and found to be less acreage than contracted for, foreclosure stands but the amount foreclosed upon will be reduced downward. Shufelt v. Bulfamante, 92 A.D.3d 936, 940 N.Y.S.2d 108 (Second Dept. 2012). Thompson v. Naish 93 A.D.3d 1203, 940 N.Y.S.2d 714 (Fourth Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
19.
Foreclosure Shall Not
be Set Aside for Auctioning Less Than Contracted Price Where the premises were supposed to be sold on a price per acre basis and there was less acreage than actually contracted for and the borrower defaults, the smaller size of the property is not a complete defense to the foreclosure. The foreclosure can proceed, but the amount foreclosed upon will be reduced downward. Shufelt v. Bulfamante, 92 A.D.3d 936, 940 N.Y.S.2d 108 (Second Dept. 2012). Thompson v. Naish 93 A.D.3d 1203, 940 N.Y.S.2d 714 (Fourth Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
20.
Foreclosure Shall Not
be Set Aside for Auctioning Less Than Contracted Price In Thompson v. Naish, the Fourth Department held that where the borrower pays the full amount demanded, but pays it late, the borrower is still in default of the mortgage and foreclosure is appropriately ordered. That is not as harsh a rule as it appears, given RPAPL §1341, permitting the defendant to pay off the remaining sums (the late fees and such) owed in order to prevent the sale of the property. Shufelt v. Bulfamante, 92 A.D.3d 936, 940 N.Y.S.2d 108 (Second Dept. 2012). Thompson v. Naish 93 A.D.3d 1203, 940 N.Y.S.2d 714 (Fourth Dept. 2012). January 24, 2013 © Adam Leitman Bailey, P.C.
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