§ 363 — Foreclosures and judgments

New York § 363

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 7-A: Community Senior Citizens Centers and Services Companies

Text

§ 363. Foreclosures and judgments. 1. In any foreclosure action the\ncommissioner shall be made a party defendant. He shall take all steps\nnecessary to protect the interests of the public therein and no costs\nshall be awarded against him or the department. Foreclosures shall not\nbe decreed unless the court to which application is made shall be\nsatisfied that the interests of the lienholder or holders cannot be\nadequately assured except by the sale of the property. In any such\nproceeding, the court shall be authorized to appoint the commissioner as\nreceiver of the property, or to grant such other and further relief as\nmay be reasonable and proper.\n 2. Notwithstanding the foregoing provisions of this section, wherever\nit shall appear that the New York state housing finance agency shall\nhave made a mortgage loan which is a first lien upon any such property,\nsuch New York state housing finance agency shall have all the remedies\navailable to a mortgagee under the laws of the state of New York, free\nfrom any restrictions contained in this section, except that the\ncommissioner shall be made a party defendant and he shall take all steps\nnecessary to protect the interests of the public and no costs shall be\nawarded against him or the department.\n 3. In the event of a judgment against a company in any action not\npertaining to the collection of a mortgage indebtedness, there shall be\nno sale of any of the real property of such company except upon sixty\ndays' written notice to the commissioner and the New York state housing\nfinance agency. Upon receipt of such notice the commissioner and the\nagency shall take such steps as in their judgment may be necessary to\nprotect the rights of all parties.\n