Foreclosure Letter For Home Loan In Bronx
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New York Foreclosure Abuse Prevention Act. On December 30, 2022, New York State Governor Kathy Hochul signed into law the “Foreclosure Abuse Prevention Act” (“Act”). The Act became effective immediately and applies to any foreclosure action in New York that was pending as of December 30, 2022 or filed thereafter.
Set forth in Section 1301 of the New York Real Property Actions and Proceedings Law (NYRPAPL Article 13), the one action rule provides that, “While an action is pending or after final judgment for the plaintiff therein, no other action shall be commenced or maintained to recover any part of the mortgage debt, ...
It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction — even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.
The Foreclosure Abuse Prevention Act applies to all foreclosure actions initiated in New York State. This means that private lenders, banks, mortgage servicers, and other financial institutions that initiate foreclosure actions must comply with the new regulations set forth by the Act.
A homeowner is considered “in foreclosure” until a judgment is made by the court. If you do not know the exact stage of fore- closure you are in, you can find out from the supreme court in the county where the lawsuit was filed. You need to find the “docket sheet” to find out the status of your foreclosure.
It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction — even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.
The new law does not disturb New York's six-year statute of limitations on mortgage foreclosure actions. It simply restores a common-sense principle: no party may unilaterally stop and restart the statute of limitations to revive what would otherwise be a time-barred action.
