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Foreclosure › Mortgage Servicers › New Legislation

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Sheppard Mullin Richter & Hampton LLP

California Enacts New Mortgage Servicing and Foreclosure Standards

Sheppard Mullin Richter & Hampton LLP on

On June 30, California Governor Newsom has signed AB 130, a budget trailer bill related to housing. This legislation includes new requirements for mortgage servicers of subordinate mortgages, defined in the bill, and took...more

Alston & Bird

California Quickly Enacts New Mortgage Servicing Standards That Can Affect Foreclosures

Alston & Bird on

What Happened? On June 30, 2025, California Governor Gavin Newsom signed into law, with an immediate effective date, California Assembly Bill 130, a significant housing bill that, notably renders certain mortgage servicer...more

Bradley Arant Boult Cummings LLP

New California Law Threatens to Stall All Second Lien Foreclosures

Bradley Arant Boult Cummings LLP on

On June 30, 2025, California Gov. Gavin Newsom signed a large “budget trailer” bill that will have significant consequences on the mortgage industry. In relevant part, the new law addresses foreclosures on so-called zombie...more

Goodwin

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on

In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Orrick, Herrington & Sutcliffe LLP

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on

In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more

Mayer Brown

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on

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...more

Harris Beach Murtha PLLC

New York State Issues Stern Reminder Regarding Zombie Properties

Harris Beach Murtha PLLC on

Three years ago today, the MuniBlog shared an article in the New York Law Journal by Harris Beach partner Leon Sawyko regarding "zombie houses" and the problems they posed for municipalities throughout the state, and...more

Ballard Spahr LLP

Congress votes unanimously to extend SCRA one-year foreclosure protection period

Ballard Spahr LLP on

Congress has unanimously approved legislation to extend until January 2016 a provision of the Servicemembers Civil Relief Act (SCRA) that prohibits foreclosing on a servicemember’s house for one year following the...more

Ballard Spahr LLP

The Impact of Dual Tracking Restrictions on Foreclosure Rates in California

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Foreclosure rates are declining in California. Many tout an improving economy as a reason for this trend. The impact of new legislation that restricts lenders and mortgage servicers from foreclosing on residential mortgages...more

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