Time has always been a vital factor in the prosecution of mortgage foreclosure actions—whether commercial or residential—in part because recouping the lender’s money with some dispatch (a word which too seldom finds fulfillment in New York foreclosure actions) was desirable.
More important, the passage of time generates accrual of interest, lender advances for taxes and insurance (perhaps as well property maintenance costs and advances to senior mortgages). In short, time has genuine, practical meaning.
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