Legal Question in Real Estate Law in New York
Foreclosure
First of all, does a corporation that has been dissoved involuntarily by the state have a right to file for foreclosure?
Secondly, would it be considered a default if the monthly payment was received by the mortgagee(private) two months late because of a postal delay/error
and, finally could the following month's payment be applied to the previous month that was was received late(postal delay/error), because the mortgage note has a clause that states that the mortgagor has 30 days from the payment due date before the mortgagee can accelerate the full mortgage balance.- note - the following month's payment was made within the 30 days.
Thank you
2 Answers from Attorneys
Re: Foreclosure
Once your charter has been revoked, you no longer have authority to act in a corporate capacity until it is reinstated. It is a technical, but curable default for the late payment, and may not allow a foreclosure since this was a postal error, not the fault of the borrower. If the mortgage is current, as it appears it is since the later payment was applied to the missing one, that is OK. However, there may be a question of late charges due to the untimely delivery of the original check. Even if a postal error, the payment was received late and late charges could apply. It is the borrower's responsibility to see payments are timely received, and he may have a claim for reimbursement from the post office. This still does not rise to a claim for foreclosure.
Re: Foreclosure
these are interesting questions. I believe that a non entity cannot bring an action. The mail problem is yours as you are responsible to make sure payment is received. You can call for free consultation at 212 683 8677
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