Jeffrey B. Steiner and Scott A. Weinberg Mortgage Foreclosures, Acceleration and the Statute of Limitations
In their Real Estate Financing column, Jeffrey Steiner and Scott Weinberg discuss the status of law relating to acceleration and the statute of limitations amid foreclosure actions as clarified in the recent New York's Court of Appeals case 'Freedom Mortgage Corporation v. Engel.'
September 14, 2021 at 10:14 AM
6 minute read
When a borrower defaults under a mortgage loan, in order to pursue collection of the entire debt (or foreclose on such basis) a lender must properly accelerate the loan, with such acceleration serving to trigger a six-year statute of limitations for lender to commence an action to foreclose the related mortgage. A recent decision issued by New York's Court of Appeals, Freedom Mortgage Corporation v. Engel (37 N.Y.3d 1, 2021), which is being heralded as a landmark case, clarifies the status of the law relating to acceleration and the statute of limitations in several respects, which this article will describe.
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