REFEREE’S REPORT OF AMOUNT DUE
WHAT IS THE REFEREE’S REPORT?
The referee’s report of amount to is a computation of the amount of principal and interest and other charges that are due on a mortgage loan to the lender. The report is usually prepared by the bank’s attorney and supported by an affidavit from the bank officer. It is usually handled on papers but it can be handled in person at a hearing before the referee with a court reporter who will create a transcript. If there is an actual hearing, the borrower’s attorney can cross-examine the bank’s officer who testifies. Usually the borrower will Not request a hearing because by the time the referee has been appointed, the lender usually has already been granted summary judgment. In New York, referees typically “rubber-stamp” the report. The referees statutory fee is very low and referees are not inclined to spend a lot of time handling something related to the foreclosure unless they intend to make a special application for approval of additional legal fees for their time. The referee’ s reportIs important because it will later be incorporated into the final judgment of foreclosure and sale which ultimately affects bidding and a potential deficiency judgment against the borrower.