State Codes and Statutes

Statutes > New-york > Rpp > Article-8 > 274-a

§  274-a.  Certificate of principal amount unpaid on mortgages of real  property. 1. The holder of a mortgage upon real property  shall  execute  and  deliver  to the owner of the real property upon which such mortgage  is a lien a written instrument setting forth the amount of the principal  of said mortgage remaining unpaid, the date to which interest  has  been  paid,  and  the amounts, if any, claimed to be unpaid upon said mortgage  for principal and interest, itemizing the same, provided, however,  that  prior  written demand by registered or certified mail has been made upon  the holder of such mortgage by such owner of the real property and  that  such  owner  of  the  real property shall have executed and delivered to  another a written contract to convey, or shall have received  a  written  commitment  to  make  a  mortgage  loan  upon,  the  real property or an  interest therein. The written instrument hereinbefore  required  of  the  holder  of  the  mortgage  shall  be  a  certificate  duly  executed and  acknowledged in the  same  manner  as  required  by  law  to  entitle  a  conveyance  of real property to be recorded, except that a bank, savings  bank, private banker, trust company, savings and loan association or any  other banking organization, as defined in the banking  law,  a  national  bank   or   trust   company   or   any   other   federally-chartered  or  federally-regulated  savings  and  loan  association  or  other  banking  institution  and  an  insurance company duly organized or licensed to do  business in this state under the insurance law of  this  state  and  the  state  of  New York, or an agency thereof and a political subdivision of  the state of New York or an agency thereof may,  in  lieu  of  the  said  certificate,  furnish  a  letter signed by a duly authorized officer, or  employee or agent, containing the information required to be  set  forth  in  such  certificate. An owner of real property who shall have complied  with the foregoing requirements and who  shall  not  have  received  the  written instrument from the holder of the mortgage thereon within twenty  days  after  such  compliance  shall  be entitled to petition a court of  competent jurisdiction  for  an  order  requiring  such  holder  of  the  mortgage to comply with this section.    2.   (a)   The  mortgagee  of  an  owner-occupied,  one-to-six  family  residential structure or residential  condominium  unit,  shall  deliver  within  thirty  days,  any  mortgage  related documents to an authorized  individual making a bona fide written demand  for  such  documents.  The  mortgagee shall not charge for providing the mortgage-related documents,  provided,  however,  the  mortgagee  may  charge  not  more  than twenty  dollars, or such amount as may be fixed by the banking board,  for  each  subsequent  payoff  statement  provided  under  this subdivision. If the  mortgagee fails to deliver the mortgage-related documents, the mortgagee  shall be liable for the actual damages to the  mortgagor  by  reason  of  such  failure.  In  computing  actual damages the court may consider the  actual rate of interest on the mortgage debt and current prevailing rate  or rates of interest on comparable debts. However, actual damages do not  include pain and suffering, mental or emotional distress  or  the  like.  The  replacement  costs  of  a  lost  abstract  of  title required to be  delivered hereunder, may be deducted from the amount required to satisfy  the mortgage.    (b) When used in this section:    (i) "Authorized  individual"  means  the  mortgagor,  the  mortgagor's  attorney,  or the attorney representing a banking organization which has  agreed to make a loan secured by the same  real  property  securing  the  mortgage for which the mortgage related documents have been requested.    (ii)  "Mortgagee"  means  (1)  the  current  holder of the mortgage of  record or the current holder of the mortgage, (2)  any  person  to  whom  payments are required to be made and (3) their personal representatives,  successors and assigns.(iii) "Bona  fide  written  demand"  means a written demand made by an  authorized individual in connection with a sale or  refinancing  of  the  mortgaged  property or some other event where the mortgage is reasonably  expected to be paid  off  or  assigned.  Such  demand  shall  either  be  delivered  personally,  or  by  registered  or  certified  mail, postage  prepaid, return receipt requested. The demand shall include the names of  the mortgagor and mortgagee, the address of the mortgaged property, loan  number, the date of the mortgage  or  the  date  it  was  recorded,  the  mortgage related documents demanded and the proposed payoff date or date  of  assignment  of the mortgage, if applicable. If the demand includes a  request for  the  abstract  of  title,  the  demand  shall  include  the  agreement  by  the mortgagor to pay for a replacement abstract of title,  the cost of which may not exceed the actual  replacement  cost  of  such  abstract of title, in the event that the mortgage is not paid off or the  abstract  of  title  is  not returned within thirty days of the proposed  payoff date. Such demand shall include the following in capital letters:                "THIS DEMAND IS MADE UNDER SECTION 274-a OF THE               REAL PROPERTY LAW. FAILURE TO COMPLY WITH THIS                   DEMAND MAY RESULT IN SEVERE PENALTIES."    (iv) "Mortgage-related documents" means:    (1) the abstract of title for the real property securing the  mortgage  if  such  document is in the possession and control of the mortgagee. In  the event that the mortgage is not paid off, the  authorized  individual  receiving the abstract of title shall within thirty days of the proposed  payoff  date  return  the  abstract  of  title to the mortgagee or other  person so designated by the mortgagee; upon a failure to so  return  the  abstract  of  title,  the mortgagee may obtain a replacement abstract of  title, the cost of which may not exceed the actual replacement  cost  of  such abstract of title and which shall be paid by the mortgagor;    (2)  a  payoff  statement  setting  forth the balance of the mortgage,  including principal, interest and other charges assessed pursuant to the  loan documents, together with a per  diem  rate  for  interest  accruing  after  the  date  to  which  the balance has been calculated. The payoff  statement may, in the event that the statement reflects  payments  which  may  have  not  yet cleared, require the authorized individual to obtain  from the mortgagee a day of payoff verification of the payoff statement.  A payoff statement requiring day of payoff verification  shall  include,  in addition to the address of the mortgagee, the telephone number of the  mortgagee  and,  if  a  banking organization or corporation, the name or  department, and its telephone number and facsimile phone number.  Unless  the  payoff statement requires a day of payoff verification, a mortgagee  furnishing a payoff statement shall be obligated to make its best effort  to furnish a satisfaction of mortgage upon receipt  of  the  amount  set  forth  in  such  statement  unless such person subsequently notifies the  authorized individual of an error in the payoff  statement.  The  payoff  statement furnished by a mortgagee shall include a name or department in  addition  to  the address of the banking organization or corporation for  use in connection with preparation of  an  affidavit  under  subdivision  five of section nineteen hundred twenty-one of the real property actions  and proceedings law;    (3)  if  requested  and  if  the  title  insurance  policy  is  in the  possession and control of the mortgagee, a copy  of  such  policy  or  a  statement  setting  forth the name of the insurer and the number of such  policy.    (v) "Banking organization" shall have the same meaning as provided  in  subdivision  eleven  of section two of the banking law and shall include  any institution chartered or licensed by the United States or any state.

State Codes and Statutes

Statutes > New-york > Rpp > Article-8 > 274-a

§  274-a.  Certificate of principal amount unpaid on mortgages of real  property. 1. The holder of a mortgage upon real property  shall  execute  and  deliver  to the owner of the real property upon which such mortgage  is a lien a written instrument setting forth the amount of the principal  of said mortgage remaining unpaid, the date to which interest  has  been  paid,  and  the amounts, if any, claimed to be unpaid upon said mortgage  for principal and interest, itemizing the same, provided, however,  that  prior  written demand by registered or certified mail has been made upon  the holder of such mortgage by such owner of the real property and  that  such  owner  of  the  real property shall have executed and delivered to  another a written contract to convey, or shall have received  a  written  commitment  to  make  a  mortgage  loan  upon,  the  real property or an  interest therein. The written instrument hereinbefore  required  of  the  holder  of  the  mortgage  shall  be  a  certificate  duly  executed and  acknowledged in the  same  manner  as  required  by  law  to  entitle  a  conveyance  of real property to be recorded, except that a bank, savings  bank, private banker, trust company, savings and loan association or any  other banking organization, as defined in the banking  law,  a  national  bank   or   trust   company   or   any   other   federally-chartered  or  federally-regulated  savings  and  loan  association  or  other  banking  institution  and  an  insurance company duly organized or licensed to do  business in this state under the insurance law of  this  state  and  the  state  of  New York, or an agency thereof and a political subdivision of  the state of New York or an agency thereof may,  in  lieu  of  the  said  certificate,  furnish  a  letter signed by a duly authorized officer, or  employee or agent, containing the information required to be  set  forth  in  such  certificate. An owner of real property who shall have complied  with the foregoing requirements and who  shall  not  have  received  the  written instrument from the holder of the mortgage thereon within twenty  days  after  such  compliance  shall  be entitled to petition a court of  competent jurisdiction  for  an  order  requiring  such  holder  of  the  mortgage to comply with this section.    2.   (a)   The  mortgagee  of  an  owner-occupied,  one-to-six  family  residential structure or residential  condominium  unit,  shall  deliver  within  thirty  days,  any  mortgage  related documents to an authorized  individual making a bona fide written demand  for  such  documents.  The  mortgagee shall not charge for providing the mortgage-related documents,  provided,  however,  the  mortgagee  may  charge  not  more  than twenty  dollars, or such amount as may be fixed by the banking board,  for  each  subsequent  payoff  statement  provided  under  this subdivision. If the  mortgagee fails to deliver the mortgage-related documents, the mortgagee  shall be liable for the actual damages to the  mortgagor  by  reason  of  such  failure.  In  computing  actual damages the court may consider the  actual rate of interest on the mortgage debt and current prevailing rate  or rates of interest on comparable debts. However, actual damages do not  include pain and suffering, mental or emotional distress  or  the  like.  The  replacement  costs  of  a  lost  abstract  of  title required to be  delivered hereunder, may be deducted from the amount required to satisfy  the mortgage.    (b) When used in this section:    (i) "Authorized  individual"  means  the  mortgagor,  the  mortgagor's  attorney,  or the attorney representing a banking organization which has  agreed to make a loan secured by the same  real  property  securing  the  mortgage for which the mortgage related documents have been requested.    (ii)  "Mortgagee"  means  (1)  the  current  holder of the mortgage of  record or the current holder of the mortgage, (2)  any  person  to  whom  payments are required to be made and (3) their personal representatives,  successors and assigns.(iii) "Bona  fide  written  demand"  means a written demand made by an  authorized individual in connection with a sale or  refinancing  of  the  mortgaged  property or some other event where the mortgage is reasonably  expected to be paid  off  or  assigned.  Such  demand  shall  either  be  delivered  personally,  or  by  registered  or  certified  mail, postage  prepaid, return receipt requested. The demand shall include the names of  the mortgagor and mortgagee, the address of the mortgaged property, loan  number, the date of the mortgage  or  the  date  it  was  recorded,  the  mortgage related documents demanded and the proposed payoff date or date  of  assignment  of the mortgage, if applicable. If the demand includes a  request for  the  abstract  of  title,  the  demand  shall  include  the  agreement  by  the mortgagor to pay for a replacement abstract of title,  the cost of which may not exceed the actual  replacement  cost  of  such  abstract of title, in the event that the mortgage is not paid off or the  abstract  of  title  is  not returned within thirty days of the proposed  payoff date. Such demand shall include the following in capital letters:                "THIS DEMAND IS MADE UNDER SECTION 274-a OF THE               REAL PROPERTY LAW. FAILURE TO COMPLY WITH THIS                   DEMAND MAY RESULT IN SEVERE PENALTIES."    (iv) "Mortgage-related documents" means:    (1) the abstract of title for the real property securing the  mortgage  if  such  document is in the possession and control of the mortgagee. In  the event that the mortgage is not paid off, the  authorized  individual  receiving the abstract of title shall within thirty days of the proposed  payoff  date  return  the  abstract  of  title to the mortgagee or other  person so designated by the mortgagee; upon a failure to so  return  the  abstract  of  title,  the mortgagee may obtain a replacement abstract of  title, the cost of which may not exceed the actual replacement  cost  of  such abstract of title and which shall be paid by the mortgagor;    (2)  a  payoff  statement  setting  forth the balance of the mortgage,  including principal, interest and other charges assessed pursuant to the  loan documents, together with a per  diem  rate  for  interest  accruing  after  the  date  to  which  the balance has been calculated. The payoff  statement may, in the event that the statement reflects  payments  which  may  have  not  yet cleared, require the authorized individual to obtain  from the mortgagee a day of payoff verification of the payoff statement.  A payoff statement requiring day of payoff verification  shall  include,  in addition to the address of the mortgagee, the telephone number of the  mortgagee  and,  if  a  banking organization or corporation, the name or  department, and its telephone number and facsimile phone number.  Unless  the  payoff statement requires a day of payoff verification, a mortgagee  furnishing a payoff statement shall be obligated to make its best effort  to furnish a satisfaction of mortgage upon receipt  of  the  amount  set  forth  in  such  statement  unless such person subsequently notifies the  authorized individual of an error in the payoff  statement.  The  payoff  statement furnished by a mortgagee shall include a name or department in  addition  to  the address of the banking organization or corporation for  use in connection with preparation of  an  affidavit  under  subdivision  five of section nineteen hundred twenty-one of the real property actions  and proceedings law;    (3)  if  requested  and  if  the  title  insurance  policy  is  in the  possession and control of the mortgagee, a copy  of  such  policy  or  a  statement  setting  forth the name of the insurer and the number of such  policy.    (v) "Banking organization" shall have the same meaning as provided  in  subdivision  eleven  of section two of the banking law and shall include  any institution chartered or licensed by the United States or any state.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Rpp > Article-8 > 274-a

§  274-a.  Certificate of principal amount unpaid on mortgages of real  property. 1. The holder of a mortgage upon real property  shall  execute  and  deliver  to the owner of the real property upon which such mortgage  is a lien a written instrument setting forth the amount of the principal  of said mortgage remaining unpaid, the date to which interest  has  been  paid,  and  the amounts, if any, claimed to be unpaid upon said mortgage  for principal and interest, itemizing the same, provided, however,  that  prior  written demand by registered or certified mail has been made upon  the holder of such mortgage by such owner of the real property and  that  such  owner  of  the  real property shall have executed and delivered to  another a written contract to convey, or shall have received  a  written  commitment  to  make  a  mortgage  loan  upon,  the  real property or an  interest therein. The written instrument hereinbefore  required  of  the  holder  of  the  mortgage  shall  be  a  certificate  duly  executed and  acknowledged in the  same  manner  as  required  by  law  to  entitle  a  conveyance  of real property to be recorded, except that a bank, savings  bank, private banker, trust company, savings and loan association or any  other banking organization, as defined in the banking  law,  a  national  bank   or   trust   company   or   any   other   federally-chartered  or  federally-regulated  savings  and  loan  association  or  other  banking  institution  and  an  insurance company duly organized or licensed to do  business in this state under the insurance law of  this  state  and  the  state  of  New York, or an agency thereof and a political subdivision of  the state of New York or an agency thereof may,  in  lieu  of  the  said  certificate,  furnish  a  letter signed by a duly authorized officer, or  employee or agent, containing the information required to be  set  forth  in  such  certificate. An owner of real property who shall have complied  with the foregoing requirements and who  shall  not  have  received  the  written instrument from the holder of the mortgage thereon within twenty  days  after  such  compliance  shall  be entitled to petition a court of  competent jurisdiction  for  an  order  requiring  such  holder  of  the  mortgage to comply with this section.    2.   (a)   The  mortgagee  of  an  owner-occupied,  one-to-six  family  residential structure or residential  condominium  unit,  shall  deliver  within  thirty  days,  any  mortgage  related documents to an authorized  individual making a bona fide written demand  for  such  documents.  The  mortgagee shall not charge for providing the mortgage-related documents,  provided,  however,  the  mortgagee  may  charge  not  more  than twenty  dollars, or such amount as may be fixed by the banking board,  for  each  subsequent  payoff  statement  provided  under  this subdivision. If the  mortgagee fails to deliver the mortgage-related documents, the mortgagee  shall be liable for the actual damages to the  mortgagor  by  reason  of  such  failure.  In  computing  actual damages the court may consider the  actual rate of interest on the mortgage debt and current prevailing rate  or rates of interest on comparable debts. However, actual damages do not  include pain and suffering, mental or emotional distress  or  the  like.  The  replacement  costs  of  a  lost  abstract  of  title required to be  delivered hereunder, may be deducted from the amount required to satisfy  the mortgage.    (b) When used in this section:    (i) "Authorized  individual"  means  the  mortgagor,  the  mortgagor's  attorney,  or the attorney representing a banking organization which has  agreed to make a loan secured by the same  real  property  securing  the  mortgage for which the mortgage related documents have been requested.    (ii)  "Mortgagee"  means  (1)  the  current  holder of the mortgage of  record or the current holder of the mortgage, (2)  any  person  to  whom  payments are required to be made and (3) their personal representatives,  successors and assigns.(iii) "Bona  fide  written  demand"  means a written demand made by an  authorized individual in connection with a sale or  refinancing  of  the  mortgaged  property or some other event where the mortgage is reasonably  expected to be paid  off  or  assigned.  Such  demand  shall  either  be  delivered  personally,  or  by  registered  or  certified  mail, postage  prepaid, return receipt requested. The demand shall include the names of  the mortgagor and mortgagee, the address of the mortgaged property, loan  number, the date of the mortgage  or  the  date  it  was  recorded,  the  mortgage related documents demanded and the proposed payoff date or date  of  assignment  of the mortgage, if applicable. If the demand includes a  request for  the  abstract  of  title,  the  demand  shall  include  the  agreement  by  the mortgagor to pay for a replacement abstract of title,  the cost of which may not exceed the actual  replacement  cost  of  such  abstract of title, in the event that the mortgage is not paid off or the  abstract  of  title  is  not returned within thirty days of the proposed  payoff date. Such demand shall include the following in capital letters:                "THIS DEMAND IS MADE UNDER SECTION 274-a OF THE               REAL PROPERTY LAW. FAILURE TO COMPLY WITH THIS                   DEMAND MAY RESULT IN SEVERE PENALTIES."    (iv) "Mortgage-related documents" means:    (1) the abstract of title for the real property securing the  mortgage  if  such  document is in the possession and control of the mortgagee. In  the event that the mortgage is not paid off, the  authorized  individual  receiving the abstract of title shall within thirty days of the proposed  payoff  date  return  the  abstract  of  title to the mortgagee or other  person so designated by the mortgagee; upon a failure to so  return  the  abstract  of  title,  the mortgagee may obtain a replacement abstract of  title, the cost of which may not exceed the actual replacement  cost  of  such abstract of title and which shall be paid by the mortgagor;    (2)  a  payoff  statement  setting  forth the balance of the mortgage,  including principal, interest and other charges assessed pursuant to the  loan documents, together with a per  diem  rate  for  interest  accruing  after  the  date  to  which  the balance has been calculated. The payoff  statement may, in the event that the statement reflects  payments  which  may  have  not  yet cleared, require the authorized individual to obtain  from the mortgagee a day of payoff verification of the payoff statement.  A payoff statement requiring day of payoff verification  shall  include,  in addition to the address of the mortgagee, the telephone number of the  mortgagee  and,  if  a  banking organization or corporation, the name or  department, and its telephone number and facsimile phone number.  Unless  the  payoff statement requires a day of payoff verification, a mortgagee  furnishing a payoff statement shall be obligated to make its best effort  to furnish a satisfaction of mortgage upon receipt  of  the  amount  set  forth  in  such  statement  unless such person subsequently notifies the  authorized individual of an error in the payoff  statement.  The  payoff  statement furnished by a mortgagee shall include a name or department in  addition  to  the address of the banking organization or corporation for  use in connection with preparation of  an  affidavit  under  subdivision  five of section nineteen hundred twenty-one of the real property actions  and proceedings law;    (3)  if  requested  and  if  the  title  insurance  policy  is  in the  possession and control of the mortgagee, a copy  of  such  policy  or  a  statement  setting  forth the name of the insurer and the number of such  policy.    (v) "Banking organization" shall have the same meaning as provided  in  subdivision  eleven  of section two of the banking law and shall include  any institution chartered or licensed by the United States or any state.