[§667-57]  Suspension of foreclosure actions by junior lienholders.  (a)  Upon initiation of a foreclosure action pursuant to part I or part II by a foreclosing mortgagee as defined in section 667-21(b), no junior lienholder shall be permitted to initiate or continue a nonjudicial foreclosure pursuant to part I until the foreclosure initiated by the foreclosing mortgagee has been concluded by a judgment issued by a court pursuant to section 667-1, the recording of an affidavit after public sale pursuant to section 667-5 or 667-33, or the filing of a settlement document under the mortgage foreclosure dispute resolution provisions of section 667-81.

     (b)  Upon initiation of a foreclosure action pursuant to part I or part II by a foreclosing mortgagee as defined in section 667-21(b), no junior lienholder shall be permitted to initiate a nonjudicial foreclosure pursuant to part II during the pendency of a stay pursuant to section 667-83; provided that a junior lienholder may initiate or continue with a nonjudicial foreclosure pursuant to part II if the junior lien foreclosure was initiated before the foreclosure action by the foreclosing mortgagee. [L 2011, c 48, pt of §6]