Blog: Legal Update: New York Enacts Retroactive Foreclosure Legislation … – Mondaq

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Legal Update: New York Enacts Retroactive Foreclosure Legislation

13 January 2023

Mayer Brown

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While many around the world are setting their calendars forward
for the year 2023, residential mortgage loan owners and servicers
may need to also look backward in time now that New York Governor
Kathy Hochul signed the so-called “Foreclosure Abuse
Prevention Act” (S5473) into law on December 30, 2022. The new
law, which takes effect immediately, threatens to significantly
constrain the ability of lenders, servicers and investors to
efficiently prosecute foreclosure actions and potentially
jeopardizes their ability to recover their mortgage debt with
respect to not only foreclosures initiated after the law took
effect but also foreclosure actions which were pending as of
December 30. For mortgage industry participants, Mayer Brown’s
Legal Update summarizes key provisions of the
new law and notes how we expect industry groups and stakeholders to
react in 2023.

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This
Mayer Brown
article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein.

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