Close Enforcement of NY Debt Collection Decision for Lenders



By Christopher Gorman (September 24, 2021, 3:32 p.m. EDT) – Those dealing with acquiring distressed real estate assets have more than enough worry about making investments based purely on market and certain legal factors, including timing where it takes to pursue foreclosure actions until their completion.

The New York Supreme Court Appeals Division addressed one of these legal issues in a recent decision, Citibank NA v. Yanling Wu.[1]

The court concluded that the plaintiff in this particular case, a lender who acquired distressed real estate as a result of an alleged default by the borrowers, was not required to be licensed as a credit agency. debt collection under …

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