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.
Nassau County, located in the state of New York, has specific instructions for juries regarding damages in cases of wrongful foreclosure. Wrongful foreclosure refers to the illegal or improper seizure and sale of a person's property by a mortgage lender or service. When such actions occur, homeowners in Nassau County have the right to seek compensation for the harm caused by the wrongful foreclosure. In Nassau County, the instructions provided to juries regarding damages for wrongful foreclosure cover various aspects. These instructions typically outline the types of damages that can be awarded to the aggrieved homeowner as a result of the wrongful foreclosure. Some common types of damages that may be considered include: 1. Compensatory Damages: These damages aim to compensate the homeowner for any direct financial losses suffered due to the wrongful foreclosure. They cover the difference between the fair market value of the property at the time of the foreclosure sale and the outstanding debt owed on the mortgage. Other economic losses, such as legal fees, costs associated with finding alternative housing, and emotional distress, may also be considered under compensatory damages. 2. Punitive Damages: In certain cases where the wrongful foreclosure was done with malicious intent, recklessness, or a wanton disregard for the homeowner's rights, punitive damages may be awarded. These damages go beyond mere compensation and serve as a form of punishment for the wrongdoing party. Punitive damages aim to deter similar behavior in the future and send a message that such actions will not be tolerated. 3. Other Non-Economic Damages: In some instances, non-economic damages may be considered. These damages are more intangible in nature and aim to compensate the homeowner for emotional distress, mental anguish, loss of enjoyment of life, or other non-financial hardships they might have experienced as a result of the wrongful foreclosure. The specific instructions provided to the jury regarding damages for wrongful foreclosure in Nassau County may vary from case to case. However, the mentioned types of damages are commonly addressed. The jury will carefully evaluate the evidence and circumstances presented during the trial to determine the appropriate amount of damages that should be awarded to the homeowner. It is important to note that each wrongful foreclosure case is unique, and the instructions to the jury may differ depending on the specific facts and circumstances of the case. Therefore, it is advisable for homeowners in Nassau County who believe they have been victims of wrongful foreclosure to consult with legal professionals who specialize in real estate law to understand the nuances of their particular situation.
