Madison Realty Capital has been hit with six separate pre-foreclosure actions at eight residential buildings in New York City ...

Lender Fannie Mae alleges the developer defaulted on debt backed by a ground lease at 90 Washington Street, a 397-unit rental building.

At that point, the lender will issue the homeowner a Notice of Default (NOD)—now, the house is in pre-foreclosure, but not yet foreclosed. The homeowner then has a chance to make those payments ...