News & Analysis as of

Mortgages › Borrowers › New York

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Morrison & Foerster LLP

New York Lawmakers Approve Ban on Rent Minimum Clauses in Mortgage Loan Transactions: Bill Not Yet Signed Into Law By Governor

Morrison & Foerster LLP on

How much chaos might a three-sentence bill that was quietly passed by the New York State legislature sow on the real estate lending industry? Potentially plenty. On June 13, 2025, a bill passed by the New York Assembly (A....more

Cadwalader, Wickersham & Taft LLP

Rates Stay Steady, Markets Are Steaming— Hot Fun in the Summertime, July 2025 - Integrated Amplifier: No-Appointment of a Receiver...

Cadwalader, Wickersham & Taft LLP on

In a recent decision in New York County Supreme Court, the Court granted the plaintiff lender’s pre-summary judgment motion to appoint a receiver in a mortgage foreclosure action, even though the defendants (borrower)...more

Jones Day

New York Legislature Targets Real Estate Lenders To Lower Rents

Jones Day on

In an effort to protect small businesses from high rents, on June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents. As of this writing, this...more

Troutman Pepper Locke

New York Court of Appeals to Review FAPA’s Constitutionality and Retroactive Application

Troutman Pepper Locke on

As a follow up to our May post, FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review, the New York Court of Appeals has finally agreed to consider New York’s Foreclosure Abuse Prevention...more

Jones Day

New York Legislature Passes Bill Banning Rent Minimum Provisions in Real Estate Loan Documents

Jones Day on

On June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents....more

Bradley Arant Boult Cummings LLP

New York Court of Appeals Finally Agrees to Hear Constitutional Challenges to FAPA

Bradley Arant Boult Cummings LLP on

After years of denying review, the New York Court of Appeals — the state’s highest court — agreed to address the question of whether New York’s momentous Foreclosure Abuse Prevention Act (FAPA) applies retroactively. On May...more

Hinshaw & Culbertson - Consumer Crossroads

New York Court of Appeals Accepts Certified Questions on Whether FAPA Should be Retroactively Applied

Hinshaw & Culbertson - Consumer Crossroads on

The New York Court of Appeals has finally agreed to consider whether retroactive application of the Foreclosure Abuse Prevention Act (“FAPA”) (or sections of it) violates the New York Constitution. Over the last two years,...more

Troutman Pepper Locke

FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review

Troutman Pepper Locke on

The legal and constitutional implications of New York’s Foreclosure Abuse Prevention Act (FAPA) are back in the spotlight as the U.S. Court of Appeals for the Second Circuit again turns to the New York Court of Appeals for...more

Freiberger Haber LLP

The Second Department Holds That Lender Cannot Use CPLR 3215(c) to Avoid Dismissal of Foreclosure Action Despite Death of Borrower

Freiberger Haber LLP on

Today’s article relates to a decision in a mortgage foreclosure action that combines numerous concepts about which we have previously written....more

Cadwalader, Wickersham & Taft LLP

Firmly Fixated With Allonges - REF News & Views

Cadwalader, Wickersham & Taft LLP on

In a recent decision by the Supreme Court of the State of New York in Kings County (the Court), HSBC Bank USA, N.A. (the Plaintiff) initiated a mortgage foreclosure action against Jack and Sabah Srugo (collectively, the...more

Falcon Rappaport & Berkman LLP

Foreclosure Process Clarification: No Pre-Foreclosure Notice Required to be Served on Appointed Estate Fiduciary for Deceased...

Falcon Rappaport & Berkman LLP on

In a significant legal victory for lenders, the Supreme Court of New York recently ruled in favor of our lender client in a residential foreclosure action against the estate of its borrower. This decision confirms that...more

Hinshaw & Culbertson - Consumer Crossroads

Tips on Using a Settlement Conference RJI to Show CPLR 3215(c) Compliance in New York Foreclosure Actions

Hinshaw & Culbertson - Consumer Crossroads on

In New York civil actions, where a defendant fails to answer the complaint, the next step is usually a motion for a default judgment pursuant to CPLR 3215. However, in residential mortgage foreclosure actions, the plaintiff...more

Alston & Bird

Fannie Mae Issues Guidance in Response to New York Foreclosure Abuse Prevention Act

Alston & Bird on

What Happened? On March 13, 2024, Fannie Mae issued Servicing Guide Announcement (SVC-2024-02) (the “Announcement”), which announced, among other things, updates to Fannie Mae’s Loan Modification Agreement (Form 3179), with...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Proposed Tax on Real Estate Mezzanine Debt and Preferred Equity Financing…Once Again.

Tannenbaum Helpern Syracuse & Hirschtritt LLP on

Earlier this month, the New York State Senate (S318) and Assembly (A407) reintroduced proposed legislation seeking to extend the New York State mortgage recording tax to mezzanine debt and preferred equity financings. This...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

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

Hinshaw & Culbertson - Consumer Crossroads on

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on

On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

17 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide