What Is the ‘Election of Remedies’ Rule in New York Foreclosure?
I wrote recently about “non-recourse” debts after New York bankruptcy, commenting that the terms “recourse” and “non-recourse” loans usually refer to deficiency judgments after foreclosure. Specifically, state laws differ on allowing plaintiff-creditors to sue defendant-debtors for amounts owed beyond either the fair-market value of the properties or the auction prices at foreclosure sales. Some states …
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