A lender in New York has filed a foreclosure complaint against a borrower. The borrower wants to challenge the foreclosure. In which court system must this foreclosure action be filed and defended?
Correct Answer
A) New York Supreme Court
Foreclosure actions in New York must be filed in the New York Supreme Court, which is the state's trial court of general jurisdiction. Despite its name, the Supreme Court is the trial-level court in New York's court system.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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