Credit: zimmytws/stock.adobe.com A Lender's Guide To Hiking Through the Retroactive Trails of the Foreclosure Abuse Prevention Act
This article highlights the main statutory amendments of FAPA—that took effect immediately and retroactively—and endeavors to guide lenders on adjusting its practices and procedures as needed to rightfully pursue their rights and remedies to collect on the money that was borrowed.
February 14, 2023 at 10:00 AM
10 minute read
Real Estate
Lenders in New York are battling backwards to foreclose on loans that are indisputably due and owing. On Dec. 30, 2022, Governor Kathy Hochul signed into law the controversial Foreclosure Abuse Prevention Act (FAPA) in direct response to the New York State Court of Appeals' decision in Freedom Mtge. Corp. v. Engel, 37 N.Y.3d 1 (2021), which case confirmed and established circumstances under which a lender could deaccelerate a loan and re-restart the six-year statute of limitations to foreclose it.
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