Spring 2013Issue 19
Prestige Title Agency, Inc.

Prestige Title eNews

Spring 2013 

RCandRPPurchasers of Mortgages in Foreclosure Beware 

 

Anyone who purchases mortgages under foreclosure should pay attention to a recent case decided by the New York State Supreme Court.  The decision provides defaulting mortgagors with a significant defense to a foreclosure action that may give pause to prospective buyers of such mortgages.

           

The action was brought in New York County, in FTBK Investor II LLC, as Trustee for NY Brooklyn Investor II Trust 1 v. Joshua Management LLC, Index No. 810164/11.  The plaintiff in the action, Joshua Management, LLC, gave a mortgage and note in 2005 to Washington Mutual Bank, F.A. ("WaMu") to secure a mortgage covering property located in Manhattan.  Several years later, in 2008, WaMu was seized by the FDIC and placed into receivership. The FDIC immediately transferred all of WaMu's loans to JPMorgan Chase & Co. ("Chase"). Sometime in 2010, the borrower defaulted on the mortgage and a foreclosure action was instituted in 2011. Thereafter, the mortgage and note were transferred by Chase to N.Y. Brooklyn Investor II, LLC.  FTBK was substituted as plaintiff in the action.
 
    
 

 

If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com
In This Issue
Announcements
Did you know that Prestige Title handles Commercial transactions nationwide?
  
  
Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest

Updated New York State Real Estate Transfer Tax Returns are Required - Click Here

 

 

Shortened Deadline to Pay Local Transfer Tax for City of Yonkers - Click Here

 

 
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com.    
 
 
Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
 
 
15 W. 39th St. 10th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
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