2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 7-A - (350 - 365) COMMUNITY SENIOR CITIZENS CENTERS AND SERVICES COMPANIES
363 - Foreclosures and judgments.

 
    §  363.  Foreclosures  and judgments. 1. In any foreclosure action the
  commissioner shall be made a party defendant. He shall  take  all  steps
  necessary  to  protect  the interests of the public therein and no costs
  shall be awarded against him or the department. Foreclosures  shall  not
  be  decreed  unless  the  court  to  which  application is made shall be
  satisfied that the interests of the  lienholder  or  holders  cannot  be
  adequately  assured  except  by  the  sale  of the property. In any such
  proceeding, the court shall be authorized to appoint the commissioner as
  receiver of the property, or to grant such other and further  relief  as
  may be reasonable and proper.
    2.  Notwithstanding the foregoing provisions of this section, wherever
  it shall appear that the New York state  housing  finance  agency  shall
  have  made a mortgage loan which is a first lien upon any such property,
  such New York state housing finance agency shall have all  the  remedies
  available  to  a mortgagee under the laws of the state of New York, free
  from any  restrictions  contained  in  this  section,  except  that  the
  commissioner shall be made a party defendant and he shall take all steps
  necessary  to  protect the interests of the public and no costs shall be
  awarded against him or the department.
    3. In the event of a judgment against a  company  in  any  action  not
  pertaining  to the collection of a mortgage indebtedness, there shall be
  no sale of any of the real property of such company  except  upon  sixty
  days'  written notice to the commissioner and the New York state housing
  finance agency. Upon receipt of such notice  the  commissioner  and  the
  agency  shall  take  such steps as in their judgment may be necessary to
  protect the rights of all parties.