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…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS