Scott Mollen Frustration of Right To Tender Mortgage Arrears; Guaranty Agreements: This Week in Scott Mollen's Realty Law Digest
Scott Mollen discusses "Flushing Bank v. Cory Realty" and "231/249 W. 39 St. Assocs. v. Chan."
December 19, 2023 at 01:56 PM
15 minute read
Foreclosures—Defendants Raised an Issue of Fact as to Whether Plaintiff Frustrated Defendants' Right to Fully Tender All Mortgage Arrears—Discovery Permitted With Respect to Affirmative Defenses of Bad Faith and Unconscionability
This decision involved an action to foreclose a mortgage. The mortgage and note (mortgage) evidenced a loan in the original amount of $1,275,000. The mortgage had been executed by defendant "B" as president of defendant "A." "B" had executed a "general guarantee of the indebtedness."
The plaintiff alleged that the defendants defaulted on their loan obligations. The defendants answered and pled 19 affirmative defenses, including "lack of standing and failure to serve contractually required notices prior to foreclosure."
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