Recent changes to New York’s foreclosure statutory scheme are set to go into effect on December 20, 2016. These wide-ranging revisions include the following amendments:
- Accelerating the foreclosure process by requiring that a sale take place within 90 days of the foreclosure judgment;
- Requiring the foreclosing plaintiff, if the successful bidder at the foreclosure sale, to place the property up for sale within 180 days of the execution of the deed or 90 days after the completion of construction or renovation;
- Defining "good faith" bargaining for the purposes of imposing statutory penalties in connection with the mandatory settlement conference process;
- Imposing property maintenance obligations on the foreclosing plaintiff at the inception of the foreclosure action; and
- Providing for an expedited process to foreclose on properties that are determined to be vaceted or abandoned.