New York has a long, drawn-out process for foreclosing on homes. That is by design: Homeowners are given time because the loss of their primary residence can be catastrophic and is often avoidable. Residential foreclosures shouldn’t be rushed. In contrast, non-judicial UCC foreclosures are fast — 60 days, and notices are limited. The process is intended for commercial properties, whose owners are sophisticated enough to deal with it. Unfortunately, it also applies to co-op shares owned by regular people. Let’s say Mrs. Smith suffers from dementia, forgets to pay her monthly maintenance charges for a while and stops reading her […]

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