N.Y. Real Property Actions and Proceedings Law 1302 – Foreclosure of certain residential mortgages
§ 1302. Foreclosure of certain residential mortgages. 1. Any complaint served in a proceeding initiated on a residential mortgage covering a one to four family dwelling pursuant to this article must contain an affirmative allegation that at the time the proceeding is commenced, the plaintiff:
Terms Used In N.Y. Real Property Actions and Proceedings Law 1302
- Allegation: something that someone says happened.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Plaintiff: The person who files the complaint in a civil lawsuit.
(a) is the owner and holder of the subject mortgage and note, or has been delegated the authority to institute a mortgage foreclosure action by the owner and holder of the subject mortgage and note; and
(b) has complied with all of the provisions of § 595-a of the banking law and any rules and regulations promulgated thereunder, and § 6-m of the banking law, for loans governed by § 6-m of the banking law, and section thirteen hundred four of this article for all residential mortgage loans covering a one to four family dwelling.
2. It shall be a defense to an action to foreclose a mortgage that the terms of the home loan or the actions of the lender violate any provision of § 6-m of the banking law or section thirteen hundred four of this article, for loans governed by these provisions.