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Proof of Value of Property For Purposes of Entering a Deficiency Judgment Not Sufficient

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The Second Department determined that the mortgage lender failed to submit adequate proof of the value of the property for purposes of entering a deficiency judgment:

RPAPL 1371(2) permits a mortgage lender to enter a deficiency judgment for the amount owed “less the market value as determined by the court or the sale price of the property whichever shall be the higher.” “The mortgagee has the initial burden to make a prima facie showing of the fair market value of the property as of the foreclosure sale date” … . An affidavit by a “licensed real estate appraiser setting forth his [or her] opinion as to the fair market value of the premises on the date of the foreclosure sale, and stating in conclusory fashion that his [or her] opinion was based upon his [or her] personal inspection of the subject premises, examination of the neighborhood, a review of sales and rentals of comparable properties, and general economic trends and expenses data,” without describing the subject premises or appending evidence of comparable sales and market date, is not sufficient … . In the instant case, the plaintiff relied upon such a conclusory affidavit, two exterior photographs of the front and side of the subject premises, and information purportedly indicating the average sale price of properties in the relevant zip code area, without explaining how those average prices related to the appraiser's conclusion that the fair market value of the subject property on the date of the foreclosure sale was $550,000. The plaintiff's submission was, thus, insufficient to meet its burden of establishing that it was entitled to a deficiency judgment. Eastern Sav Bank FSB v Brown, 2013 NY Slip Op 08228, 2nd Dept 12-11-13

 

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