NY Debt Collection Ruling's Narrow Application For Lenders

By Christopher Gorman (September 24, 2021, 3:32 PM EDT) -- Those in the business of acquiring distressed real estate assets have more than enough concerns in making investments based solely upon market-driven and certain legal factors, including the time it takes to prosecute foreclosure actions through to completion.

The New York Supreme Court Appellate Division addressed one such legal concern in a recent decision, Citibank NA v. Yanling Wu.[1]

The court concluded that the plaintiff in that particular case, a lender who acquired a distressed real estate asset following an alleged default by the borrowers in making payment, was not required to be licensed as a debt collection agency pursuant to...

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