Mortgage Foreclosure Law - LAW7552 or 3 Credits
This course begins with a brief history of mortgage law and some of the other devices for securing repayment of purchase money loans for real estate, such as the deed of trust and land installment contracts. Students learn about the various types of mortgages (e.g., fixed rate, adjustable rate, graduated payment mortgages, growing equity mortgages, reverse annuity mortgages, share-appreciation mortgages, balloon mortgages, price-level mortgages, and other variants), and the statutory framework that governs mortgage transactions. The second part of the course covers all the ramifications of a default, including methods of foreclosure, statutory redemption, and recent federal legislation on foreclosure relief. The final part of the course focuses on New York law, including receiverships; relations between mortgagees and tenants; tax liens and insurance; and foreclosure procedures. (Prerequisites: Property I & II.)
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