Exercising remedies on a mortgage loan requires swift access to the courts to mitigate the economic injury that may issue from a prolonged delay in lender’s ability to realize on its collateral. Such access, in the first instance, is contingent upon the lender establishing its standing to foreclose. Whether temporarily prohibited or barred indefinitely, any delay to the lender in advancing its action against the borrower can be damaging to the lender’s position.
We have previously discussed in this publication the state of the law in New York with respect to a lender’s standing in a foreclosure action.1 Now, with the recent New York Court of Appeals decision in Aurora Loan Services v. Taylor,2 we revisit this topic to apply the insights and clarifications contained in the high court’s opinion.
Standing Prior to ‘Aurora’
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