“The struggle to create housing that is affordable for people across the entire spectrum of income will be the defining civic issue for this generation of leaders in the Hudson Valley,” Pattern CEO Adam Bosch said.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
Section 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action.
This prohibition extends even after the conclusion of the foreclosure action; however, the defendant may not raise the defense of lack of standing after the foreclosure sale unless the judgment of foreclosure and sale was issued based upon the defendant’s default.
The revised law applies to loans as defined under Section 1304 of the RPAPL (as revised 1/14/2020). The loans are defined as follows:
Home loans including open-end credit plans, and reverse mortgages, where:
1) The principal amount of the original loan does not exceed applicable conforming loan size as established by FHA and FNMA for 1-4 family dwellings situated in New York State.
2) The borrower is a natural person.
3) The debt incurred is for personal, family or household purposes.
4) The secured debt is on a structure intended to be principally used and occupied as a principal residence.
As a result of the revised statute, the following exceptions will be raised where the applicable criteria are met:
A policy excepts the rights of the foreclosed defendant(s) in Action bearing Index No. @, Supreme Court, @ County, to defend the foreclosure action by raising the defense of lack of standing. This exception includes any and all loss, costs and legal expenses incurred defending any such defense, whenever presented.
Currently, some of our underwriters will omit this exception from the owner’s policy of title insurance upon receipt of an affirmation by plaintiff’s counsel confirming that plaintiff was the holder of the Note and the mortgage and was in possession of the original Note and the mortgage at the time of the commencement of the foreclosure action.
Please note that the mere appearance by the defendant does not imply waiver of the standing defense. The answer must include an allegation that the plaintiff lacks standing.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
Traditional lenders often hesitate to finance such projects due to perceived risks or unfamiliarity with emerging technologies and practices.
This initiative aims to create housing opportunities without the high costs of land acquisition, utilizing properties that often enjoy central locations within communities.
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