On December 30, 2022, Governor Hochul signed the New York Foreclosure Abuse Prevention Act (“FAPA”) into law, with immediate effect. FAPA not only applies to mortgage foreclosures sought in 2023 and beyond, it also applies retroactively to all mortgage foreclosure actions “in which a final judgment of foreclosure and sale has not been enforced” at the time FAPA was promulgated. In addition, while the context of the debate around FAPA prior to its adoption appeared to focus on homeowner and consumer protection, the language of the act is broad enough to encompass both residential and commercial mortgages. FAPA’s coverage could therefore have a significant impact on the real estate financing landscape in New York.