The Consumer Financial Protection
Bureau (CFPB) proposed new rules on July 10, 2024 that would obligate large mortgage servicers
to help homeowners/borrowers avoid foreclosure, expand access to borrowers
seeking mortgage payment assistance, and strengthen communication between
borrowers and servicers.These rules would...
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Thursday, July 11, 2024
Friday, January 20, 2023
20
Jan
In 2023, Foreclosure Law is changed forever.Did you hear about the foreclosure abuse prevention act, S5473D?Previously, a foreclosing plaintiff could sue whenever they wanted without worry about statute of limitations constraints so long as payments remained due under the loan. When they sued, they'd accelerate the...
Tuesday, November 22, 2022
On November 22, 2022, Governor Hochul signed A3081 into law, which immediately prohibits the registration of mortgages in default prior to the filing of a notice of pendency. This is on the same day that the homepage of Newsday reads "Long Island homebuyers see highest rate of price cuts since 2019." It seems like foreclosures...
Thursday, December 09, 2021
09
Dec
A bill (S1579A) awaiting Gov. Hochul's signature will amend section 1307 of New York Real Property Actions and Proceedings Law ("RPAPL") & require plaintiffs, lenders, assignees, or mortgage loan servicers in a residential mortgage foreclosure action to maintain vacated foreclosed property at the commencement of a...
Wednesday, November 10, 2021
10
Nov
Starting January 2, 2022, borrowers negotiating a loan
modification have a right to a single point of contact at their lender.
On November 3, 2021, Governor Hochul signed BillS671 into
law, which amends Section 6-o to the banking law, and starting on January 3,
2022, upon written request by the borrower, lenders will...
Thursday, September 02, 2021
02
Sep
The NYS Legislature passed Senate Bill 50001 and 50002, extending the state’s eviction / foreclosure moratoria to January 15, 2022, and both bills were signed by Governor Kathy Hochul on September 2, 2021. What’s in the Law?Briefly, the laws:Extend residential and commercial eviction and foreclosure moratoria to January...
Tuesday, August 24, 2021
24
Aug
Take a read of Maura McDermott's latest article in Newsday, "NY's COVID-19 foreclosure ban is set to expire, but homeowners can still get help," where she quotes our very own Leslie Mendoza, Esq.Leslie explains that while the "[t]he state’s temporary foreclosure ban 'merely delays any kind of discussion between the borrower...
Friday, July 02, 2021
02
Jul
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation X of the Real Estate Settlement Procedures Act (RESPA) which aims to assist mortgage borrowers with a COVID-19 related hardship in seeking loss mitigation options and delaying foreclosure proceedings to encourage resolution...
Wednesday, June 30, 2021
The Town of Southampton has issued a new compliance protocol (Town Code at Chapter 262) for Foreclosure Plaintiffs in response to an increase in crime and deterioration in property appearance. The new law sets forth a Registration Scheme with new maintenance obligations:Homes are to kept free and clear of weeds, overgrown...
Monday, June 14, 2021
14
Jun
A new NYS law permits tenants who did not occupy a foreclosure premises at the time of the commencement of the foreclosure lawsuit to remain in occupancy for the remainder of their lease term, up to a maximum of 3 years. This new law gives tenants greater protection in the event that they happen to occupy a home subject...
Tuesday, May 04, 2021
04
May
On May 4, 2021, the New York State Senate and Assembly passed legislation (A.7175) that extends the eviction and foreclosure moratoriums on both residential and commercial properties from May 1, 2021 to August 31, 2021. The legislation is now on the Governor’s desk for signature. UPDATE: The Governor signed the legislation...
Thursday, March 11, 2021
On March 10, 2021, Governor Cuomo signed the COVID-19 Emergency Protect our Small Businesses Act of 2021 (“Act”). The Act provides additional relief to commercial tenants from evictions and to owners of commercial property from foreclosure proceedings. In summary, the Act provides owners of commercial properties with an...
Tuesday, February 16, 2021
16
Feb
The headlines are in - the federal foreclosure / eviction moratoriums are extended to June 30, 2021 from March. This extension applies to 70% of single family home mortgages.The subtext is that we have a foreclosure / eviction crisis on the horizon. According to the White House "1 in 5 renters is behind on rent and just...
Wednesday, February 10, 2021
10
Feb
Here is the scenario - You are trying to sell a property and you order a payoff from your mortgage company, but that payoff quote comes in much higher than you believe that it should. You are in a real bind. You need to sell, but you don't want to overpay. What should you do?This is particularly problematic where...
Wednesday, December 30, 2020
On 12/28/2020, the
COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 became law. This law effectively stops all residential foreclosures in NYS until
May 1, 2021, but it does nothing about the borrower's obligation to repay
their loan.
Do you think that makes
sense?
Isn’t that just...
Wednesday, October 21, 2020
21
Oct
Through Executive Order 202.70, Governor Cuomo extended the moratoriums for the initiation of a proceeding or enforcement of an eviction of any commercial tenant for nonpayment of rent or a foreclosure of any commercial mortgage for nonpayment of such mortgage to January 1, 2021. This means that no eviction or foreclosure...
Monday, October 05, 2020
05
Oct
Andrew Lieb published the article in The Suffolk Lawyer, Federal Eviction and Foreclosure Moratoriums Invite Litigation. This article discusses issues that will be litigated if an eviction moratorium is raised as a defense to an eviction proceeding.CLICK HERE FOR ARTI...
Monday, September 21, 2020
21
Sep
By Executive Order 202.64, Governor Cuomo extended the moratoriums for the initiation of a proceeding or enforcement of an eviction of any commercial tenant for nonpayment of rent or a foreclosure of any commercial mortgage for nonpayment of such mortgage to October 20, 2020. This means that no eviction or foreclosure...
Friday, August 21, 2020
21
Aug
On August 20, 2020, Governor Cuomo signed Executive Order 202.57 which, among others, extended Executive 202.48 and 202.28. Per the Executive Order, the following are stayed until September 20, 2020:
Commencing a commercial eviction proceeding against any commercial tenant for the nonpayment of rent;
Commencing...
Thursday, August 06, 2020
The Appellate Division recently reminded us of the importance of investigating a no consideration deed prior to issuing a mortgage to the titleholder. In 2386 Hempstead, Inc. v. 182 St., Inc., the Appellate Division held that the no consideration deed constituted notice of a potential previous fraud in the title spurring...
