Jacob Inwald, left, director of foreclosure prevention at Legal Services NYC, and Christopher Newton, director of the homeowner and consumer rights project of Queens Legal Services. Courtesy photos Enactment of the Foreclosure Abuse Prevention Act: A Guide for Practitioners
The "Foreclosure Abuse Prevention Act" restored settled statute of limitations law and provides much-needed certainty to New York's property markets.
January 10, 2023 at 03:13 PM
6 minute read
Real Estate
In the waning days of 2022, Gov. Kathy Hochul finally signed the Foreclosure Abuse Prevention Act, 2022 NY Sess. Laws of N.Y. Ch. 821 (A. 7737-B) (McKinney's), which restored long-settled statute of limitations principles that were disturbed by recent appellate decisions that effectively permitted foreclosing lenders to unilaterally manipulate statutes of limitations that apply to all litigants, even Wall Street financial institutions.
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