Bruce J. Bergman Judgment Rate Lowered to 2%—Not Applicable to Foreclosures
In his Foreclosure Litigation column, Bruce Bergman discusses a new law which becomes effective on April 30 "labelled as an amendment to the civil practice law and rules regarding the interest rate applicable to money judgments arising from consumer debt," but "conspicuously, never once mentions mortgages, mortgage foreclosure or judgments of foreclosure and sale."
April 12, 2022 at 11:03 AM
6 minute read
Labelled as an amendment to the civil practice law and rules regarding the interest rate applicable to money judgments arising from consumer debt (emphasis supplied), a new law was signed by the Governor on Dec. 31, 2021 and becomes effective April 30, 2022. It amends CPLR §5004 (rate of interest) which had recited, and which remains:
Interest shall be at the rate of nine per centum per annum, except where otherwise provided by statute.
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