Laws of New York (Last Updated: November 21, 2014) |
RPA Real Property Actions and Proceedings |
Article 14. FORECLOSURE OF MORTGAGE BY POWER OF SALE |
Section 1410. Right to redeem of mortgagor, subordinate lienor, or holder of subordinate interests
Latest version.
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1. At any time before the commencement of the bidding at the sale, the mortgagor, or the record owner of the mortgaged property, or the holder of any subordinate security interest in or other lien upon the mortgaged property, may prevent the sale by payment to the mortgagee, in good funds, of all sums due under the mortgage, or the note, bond or other obligation secured thereby, together with accrued interest thereon, and all other sums due thereunder, including the costs of sale and reasonable attorneys' fees. As between or among holders of security interests, the tender of redemption by the holder entitled to priority prevails over the tender of redemption by the holder of a subordinate interest. 2. If a mortgagor, record owner, or holder of any subordinate security interest in or other lien upon the mortgaged property is entitled to redeem under this section, the mortgagor, record owner, or the holder of any subordinate security interest or lien, may, upon such redemption, require the mortgagee, upon full payment of the obligation, in lieu of the certificate of discharge under section two hundred seventy-five of the real property law, to assign the debt and the mortgage without recourse or warranty to any person or entity designated by the payor provided that such person or entity is not the mortgagor or a person or entity acting as a nominee of the mortgagor, and the mortgagee is obligated to do so, provided the payor executes the affidavit required under section two hundred seventy-five of the real property law. The rights under this subdivision may be enforced by the holder of any subordinate security interest in or lien upon the mortgaged property even though it is a subordinate security interest or lien. The assignment of the mortgage, and the indebtedness secured thereby, shall be deemed to be an assignment of a bona fide obligation within the meaning of section two hundred seventy-five of the real property law. * NB Repealed July 1, 2009