§ 34. Foreclosure and judgments. 1. Any action or proceeding to foreclose a mortgage upon a company project, shall be in accordance with the applicable provisions of section ninety-four of this chapter.

Terms Used In N.Y. Private Housing Finance Law 34

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

2. In the event of an unsatisfied judgment against a company any action not pertaining to the collection of a mortgage indebtedness, shall be in accordance with the applicable provision of section ninety-five of this chapter.

3. For the purpose of this section, wherever reference is made in sections ninety-four and ninety-five of this chapter to a housing company, it shall be deemed to refer to a company as defined in this article.

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