News & Analysis as of September 21, 2024

Foreclosure › NYDFS

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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 -

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

Alston & Bird on 2/15/2023

A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....more

New York to Impose New Foreclosure, Loss Mitigation, and Reporting Requirements for Home Equity Conversion Mortgages

Locke Lord LLP on 12/18/2020

On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more

UPDATED: New York State Stays Evictions and Foreclosures Due to the COVID-19 Pandemic

Mintz - Real Estate, Construction &... on 5/8/2020

Recent Executive Orders by New York Governor Cuomo and Administrative Orders by the New York State courts effectively have stayed the enforcement of residential and commercial evictions and foreclosures in New York through...more

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

Moore & Van Allen PLLC on 3/30/2020

The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

McGlinchey Stafford on 3/25/2020

On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

New York DFS Urges Suspension of Foreclosures and Deferral of Mortgage Payments

Ballard Spahr LLP on 3/20/2020

On March 19, 2020, the New York Department of Financial Services (NYDFS) issued guidance to urge all regulated and exempt mortgage servicers to alleviate the adverse impact caused by COVID-19 on mortgage brokers who...more

New York Overhauls Mortgage Loan Servicer Business Conduct Regulations

Alston & Bird on 1/27/2020

New York’s amended mortgage loan servicer regulations are a substantial departure from previous versions and could go beyond federal rules. Our Financial Services & Products Group delves into technicalities and ramifications...more

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