Many mortgage lenders set up a Delaware entity. It is unclear how many of these lenders qualify such entities in New York State.. A Potential Enforcement Trap for Mortgage Lenders
Mortgage lenders have many things to worry about when a loan goes into default and they seek to enforce their remedies, whether by foreclosing a mortgage or suing on various guarantees. One thing which may not cross their minds, but can cause a delay in enforcement, is whether or not their lending entity is required to be authorized to do business in the State of New York.
March 19, 2024 at 10:00 AM
6 minute read
Mortgage lenders have many things to worry about when a loan goes into default and they seek to enforce their remedies, whether by foreclosing a mortgage or suing on various guarantees. One thing which may not cross their minds, but can cause a delay in enforcement, is whether or not their lending entity is required to be authorized to do business in the State of New York.
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