News & Analysis as of September 23, 2024

Foreclosure › CPLR

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

Cadwalader, Wickersham & Taft LLP on 7/31/2024

The Second Department recently held in Trento 67, LLC v. OneWest Bank, N.A., et. al that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more

Ex Parte Appointment of a Receiver Confirmed

Cadwalader, Wickersham & Taft LLP on 4/3/2024

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Fraud Notes: Duplication, Failure to Identify Misrepresentations of Fact, and Fraudulent Concealment

Freiberger Haber LLP on 8/28/2023

On August 23, 2023, the Appellate Division, Second Department issued two decisions that briefly touched upon fraud causes of action: Hershman v. Bank of N.Y. Mellon, 2023 N.Y. Slip Op. 04369 (2d Dept. Aug. 22, 2023) (here),...more

The New York Foreclosure Abuse Prevention Act (FAPA): Potential Impact on Real Estate Finance

Dechert LLP on 3/14/2023

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...more

New York Enacts Law Limiting Lenders in Foreclosure Actions

Harris Beach PLLC on 1/13/2023

On December 30, 2022, New York Gov. Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (the “Act”), which will hinder lenders and servicers’ ability to foreclose on New York homeowners. The Act makes the...more

New York Appellate Court Reaffirms Avenue For Lenders To Revive Dismissed Cases Following Expiration of Statute of Limitations

Locke Lord LLP on 2/17/2017

As we get further away from the financial crisis of 2008, the statute of limitations has become a much more asserted and examined defense in mortgage foreclosure actions. Last week, New York’s Appellate Division, Second...more

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