Credit: zimmytws/stock.adobe.com Foreclosure Abuse Protection Act Requires New Approach
A discussion of what next steps lenders should take in response to the Foreclosure Abuse Prevention Act.
March 02, 2023 at 10:00 AM
7 minute read
Real Estate
On one hand, the Foreclosure Abuse Prevention Act (A7737B), recently signed into law by Governor Kathy Hochul, is transformative legislation which may cause the dismissal of thousands of pending foreclosures with prejudice over technicalities such as a failure to send a proper default notice. On the other hand, at least prospectively, the fever-pitched panic from mortgage lenders, while understandable, may be premature.
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