“REO in Rocky Times” Eviction © 2009 Default Attorney Group

The Eviction Referral 1. Instructions to Evict with loan number and billing instructions 2. Foreclosure pleadings - if eviction attorney is different from the foreclosure attorney 3. Address of property 4. Defendant(s) name and/or name of tenant(s) *Occupancy is critical for proceeding 5. If contest or complication expected – any collection notes and/or correspondence 6. Recent bankruptcy papers

Types of Eviction

Types of Evictions Mortgagor Eviction Tenant Eviction Personal Property Eviction

Procedures New York Mortgagor New York Tenant New Jersey Mortgagor New Jersey Tenant

Procedures con’t New York Mortgagor –Writ of assistance –10 day Notice to Quit and Summary Proceeding in Housing Court  Only use 10 day NTQ where certain mortgagor occupied only New York Tenant –90 day Notice to Quit as per PROTAFA –Summary proceeding in housing court

Procedures con’t New Jersey Mortgagor –Writ of Possession filed, issued and executed based upon foreclosure judgment and sale New Jersey Tenant –Summary proceeding for possession in state housing court –PROTAFA not applicable in NJ  State law provides greater tenant protections and supersedes federal law –Good cause needed for eviction

Eviction Delays Contested Evictions in NY and NJ –Order to Show Cause challenging merits of foreclosure judgment and sale post sale, which stays the eviction –Appeals –Bankruptcy (even post sale) –Order to Show Cause to stay the eviction on hardship grounds

Personal Property Eviction New York –No such thing as personal property eviction –Take possession through mortgagor eviction or take possession without court or sheriff involvement –No procedure in law as to abandoned personal property, but should take precaution to post and store for days

Personal Property Eviction con’t New Jersey –No such thing as personal property eviction –If value indicia of abandonment, client can take possession, post and store for 30 days if valuables remain, otherwise trash out –If value indicia of no abandonment, proceed with court ordered mortgagor eviction.

The Clean Out

Property must be vacant Role of realtor/asset company Changing the locks Photographs of contents/inventory Move out crew Disposition of property

Personal Property

Value and description of property Types of personal property –Worthless property –Property with value –Fixtures –Automobiles Notice of Abandoned Property and/or Notice of Right to Reclaim Property Liability for property and/or trash out

Cash For Keys Client’s requirements Contact with customer/tenant –Offers free of coercion/threats, written, good faith monetary amount Conditions for delivery of payment –Broom clean condition, waiver of all claims Releases –Agreement detailed enough to release client from all liability

Thank you for your time. Questions?