Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure is a comprehensive legal guideline provided to juries in Kings County, New York, when determining the damages involved in cases related to wrongful foreclosure. This instruction is crucial in ensuring that the jury has a clear understanding of the factors to consider and the calculations to be made when awarding damages in such cases. The Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure covers various essential aspects related to calculating damages, including: 1. Identification of Damages: This instruction outlines the different types of damages that can be awarded in a wrongful foreclosure case. These may include compensatory damages to rectify the financial harm suffered by the plaintiff, such as loss of equity, emotional distress, and attorney fees. 2. Calculation of Economic Losses: It provides guidance on how to calculate the economic damages suffered by the plaintiff, which may involve analyzing the fair market value of the property, the outstanding loan balance, interest payments, and any other financial losses caused by the wrongful foreclosure. 3. Consideration of Non-Economic Damages: The instruction also emphasizes the consideration of non-economic damages, such as emotional distress, mental anguish, and reputational harm, that the plaintiff may have endured as a result of the wrongful foreclosure. It specifies the factors that the jury should take into account when assessing and determining the value of these non-economic damages. 4. Punitive Damages: In certain cases where the defendant's conduct was willful, reckless, or malicious, the jury may be instructed on the availability of punitive damages. This instruction clarifies the legal conditions necessary for awarding punitive damages and provides guidance on calculating an appropriate amount. 5. Causation and Mitigation: The instruction highlights the importance of establishing a causal link between the wrongful foreclosure actions of the defendant and the damages suffered by the plaintiff. It also provides guidance on considering any steps taken by the plaintiff to mitigate their losses, such as efforts to find alternative housing or seek loan modifications. It is important to note that variations of the Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure may exist depending on the specific circumstances or updates to the law. These variations may include modifications to reflect recent legal precedents, changes in legislation, or developments in case law related to wrongful foreclosure. Legal professionals in Kings County should always refer to the most current and relevant instructions provided by the court to ensure accurate guidance to the jury in these cases.Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure is a comprehensive legal guideline provided to juries in Kings County, New York, when determining the damages involved in cases related to wrongful foreclosure. This instruction is crucial in ensuring that the jury has a clear understanding of the factors to consider and the calculations to be made when awarding damages in such cases. The Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure covers various essential aspects related to calculating damages, including: 1. Identification of Damages: This instruction outlines the different types of damages that can be awarded in a wrongful foreclosure case. These may include compensatory damages to rectify the financial harm suffered by the plaintiff, such as loss of equity, emotional distress, and attorney fees. 2. Calculation of Economic Losses: It provides guidance on how to calculate the economic damages suffered by the plaintiff, which may involve analyzing the fair market value of the property, the outstanding loan balance, interest payments, and any other financial losses caused by the wrongful foreclosure. 3. Consideration of Non-Economic Damages: The instruction also emphasizes the consideration of non-economic damages, such as emotional distress, mental anguish, and reputational harm, that the plaintiff may have endured as a result of the wrongful foreclosure. It specifies the factors that the jury should take into account when assessing and determining the value of these non-economic damages. 4. Punitive Damages: In certain cases where the defendant's conduct was willful, reckless, or malicious, the jury may be instructed on the availability of punitive damages. This instruction clarifies the legal conditions necessary for awarding punitive damages and provides guidance on calculating an appropriate amount. 5. Causation and Mitigation: The instruction highlights the importance of establishing a causal link between the wrongful foreclosure actions of the defendant and the damages suffered by the plaintiff. It also provides guidance on considering any steps taken by the plaintiff to mitigate their losses, such as efforts to find alternative housing or seek loan modifications. It is important to note that variations of the Kings New York Instruction to Jury Regarding Damages for Wrongful Foreclosure may exist depending on the specific circumstances or updates to the law. These variations may include modifications to reflect recent legal precedents, changes in legislation, or developments in case law related to wrongful foreclosure. Legal professionals in Kings County should always refer to the most current and relevant instructions provided by the court to ensure accurate guidance to the jury in these cases.
