The New York Court of Appeals on April 5, 2022 in Albany, New York. Photo: Ryland West/ALM NY Top Court Punts Certified Foreclosure Question Back to 2nd Circuit
The U.S. Court of Appeals for the Second Circuit had asked the New York Court of Appeals whether FAPA applies retroactively to actions occurring prior to enactment of the Foreclosure Abuse Prevention Act and whether retroactive application is constitutional.
October 25, 2024 at 02:02 PM
5 minute read
Real Estate
New York's court of last resort on Thursday "respectfully declined" to answer a certified question from a federal appeals court asking for its guidance on the retroactivity of the state's Foreclosure Abuse Prevention Act that lawmakers enacted in December 2022.
The FAPA spells out that lenders are mandated to bring forward a mortgage foreclosure action within six years of the maturity date. It also holds that voluntary discontinuance of an action doesn't reset the statute of limitations.
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