The post Court bans BoC from foreclosing
, citing existence of older ruling appeared first on Cyprus Mail .
9-504 -- This section of the law is the more common method for foreclosing
upon a co-op, Under this section, the lender may dispose of the collateral at a public or private sate, as long as it does so in a commercially reasonable manner.
Parallel to our filing, HUD was in the process of foreclosing
on the property and scheduling an auction for its sale as a rental property.
None of the parties involved in foreclosure proceedings - the property owner, the foreclosing
bank, nor the court-appointed receiver - made the property secure so as to avoid vandalism.
Investors have already purchased the note on one Queens property with an eye on foreclosing
, said the board's attorney Abbey Goldstein, partner in Goldstein & Greenlaw.
Although not talking about mortgage foreclosure sales, his words carry a message both for foreclosing
lenders and purchaser at foreclosure sales.
In the 1930s, graphic photos showed bankers foreclosing
on family farms and parents with small children evicted along with their few pitiful possessions.
Thus, this grim situation looks hopeless, with the mortgage holder seriously considering foreclosing
on the property to stem its losses while the cooperative development contemplates filing a bankruptcy petition in an attempt to preserve the cooperative status of the property.