Troutman Sanders
JANUARY 10, 2023
On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d
Credit Corp
FEBRUARY 23, 2021
Amidst the chaos of the pandemic, federal and state governments have made efforts to protect against the financial strain U.S. consumers are enduring—including mortgage payment forbearance of foreclosure. Federally backed mortgages are protected against foreclosure through December 31, 2020. What Is a Forbearance?
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Troutman Sanders
MAY 10, 2022
On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” ( See S5473D at Section 10.) 3d 1 (2021), and retroactively annul lenders’ longstanding right to revoke their option to accelerate mortgage loans after default.
Collection Industry News
JULY 18, 2022
Fitch Ratings-New York-15 July 2022: Borrowers continue to work with their servicers post-forbearance to avoid loan default, according to Fitch Ratings’ 1Q22 U.S. The sole metric showing stress is in the foreclosure category, which rose marginally to 2% from 1% and to 3% from 2% for bank and non-bank servicers, respectively.
Credit Corp
FEBRUARY 22, 2021
Amidst the chaos of the pandemic, federal and state governments have made efforts to protect against the financial strain U.S. consumers are enduring—including mortgage payment forbearance of foreclosure. Federally backed mortgages are protected against foreclosure through December 31, 2020. What Is a Forbearance?
Jimerson Firm
DECEMBER 15, 2020
As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.
Credit Corp
AUGUST 25, 2021
In 2020, the federal government signed the Coronavirus Aid, Relief and Economic Security Act into law. The CARES Act was the first act passed by the federal government to provide financial relief to businesses and individuals in light of the economic strain caused by the COVID-19 pandemic. The first was a foreclosure moratorium.
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