Recently, Robert M. Link, Esq. wrote an article that was published by the New York Law Journal, titled “Foreclosure Abuse Protection Act Requires New Approach.” In the article, Link discusses the Act recently signed into law by Governor Kathy Hochul, which includes changes that may cause the dismissal of thousands of foreclosures that have congested the civil docket over the past decade.
Link holds that while the fever-pitched panic from mortgage lenders is understandable, it may be premature. With this, he concludes the article by stating, “Given New York’s extensive foreclosure timeline, and the likelihood for fiercely contested litigation, the lender should consider postponing its election to accelerate until the entry of judgment. This is the most prudent course of action considering the stakes; but also, appropriately respects the borrower’s customary right to cure by tendering past due installment payments during the foreclosure.” To read the article in its entirety, simply click here or access the PDF version here.
