Consumer rights

New York foreclosure bills would destroy a key consumer right

By Adam Swanson (April 12, 2022, 5:11 p.m. EDT) – New York SB 5473D and its companion, AB 7737B – collectively dubbed the Foreclosure Abuse Prevention Act – if passed, would harm consumer lenders and borrowers.

Because the bills end a lender’s right to cancel a mortgage acceleration after default and prevent the statute of limitations to enforce the mortgage from building up, the bills unnecessarily complicate and will, therefore, hamper loss mitigation efforts to keep homeowners in their homes.

Post-default loss mitigation aimed at homeowners keeping their homes is now a standard goal and requirement of the Consumer Financial Protection Bureau and other regulators, but bills make it…

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