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Mortgages › 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

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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...

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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

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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

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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

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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

Hinshaw & Culbertson - Consumer Crossroads

Recent Cases Offer Instruction for Lenders on Avoiding FAPA Estoppel in Foreclosure or Quiet Title Actions in New York

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Under the Foreclosure Abuse Prevention Act (“FAPA”), effective as of December 30, 2022, a lender in a New York foreclosure or quiet title action can be estopped from asserting that the subject mortgage loan was not validly...more

Troutman Pepper Locke

Proposed New York FAIR Business Practices Act Aims to Expand Consumer Protections Against Unfair, Deceptive, or Abusive Practices

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On March 13, New York State introduced proposed legislation titled the Fostering Affordability and Integrity Through Reasonable Business Practices Act (FAIR Act). The proposed legislation seeks to broaden the scope of...more

Blank Rome LLP

Executive Summary – New York Regulation and Disclosure – What Mortgage Applicants Need to Know

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A new law in New York took effect on June 11, 2025, requiring banking organizations, licensed lenders, and mortgage bankers provide a disclosure pamphlet titled “What Mortgage Applicants Need to Know” (the “Pamphlet”)....more

Bradley Arant Boult Cummings LLP

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

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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

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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

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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

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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

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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

Freiberger Haber LLP

RPAPL 1501(4) and the Mortgagee in Possession Doctrine

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Today’s article addresses a property owner’s right to cancel a recorded mortgage pursuant to RPAPL 1501(4)[1] and whether a mortgagee is “is entitled to recover sums expended to preserve and maintain an allegedly abandoned...more

Falcon Rappaport & Berkman LLP

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

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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

Alston & Bird

Consumer Finance State Roundup - March 2025

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from two states: California: Effective January 1, California Assembly Bill 3108 addresses mortgage fraud. ...more

Cadwalader, Wickersham & Taft LLP

All Along the Watchtower: Awaiting the Ruling on FAPA’s Retroactive Reach

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In a recent case, E. Fork Funding LLC v. U.S. Bank, Nat’l Ass’n, the United States Court of Appeals for the Second Circuit has certified a novel question for the New York Court of Appeals ("NYCOA"): Whether Sections 4 and/or...more

Hinshaw & Culbertson - Consumer Crossroads

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

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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

McGlinchey Stafford

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

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On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more

Cadwalader, Wickersham & Taft LLP

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

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On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more

Alston & Bird

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

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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

White and Williams LLP

The New York Lien Law - Top Ten Things You Ought to Know

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Over the course of my career, I have had the privilege of working with and representing numerous construction lenders (and borrowers/developers) in the financing of some of the largest commercial projects in the United...more

White and Williams LLP

New York County Supreme Court Upholds Accommodation Pledges

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In recent years, the claim that an accommodation pledge attached to a mortgage loan effectively “clogs” a borrower’s right of redemption has been the basis of numerous civil actions in New York courts. With the case of Atlas...more

Cole Schotz

Balancing Mortgage and Mechanics Lien Priorities in New York

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In an ideal world, the interests of contractor and lender involved in the same construction project are aligned: the project succeeds, and everyone is paid what they’re owed. But when the interests of contractor and lender...more

Akerman LLP

New York State Legislators Reintroduce Bill Proposing Tax on Mezzanine Debt and Preferred Equity Investments

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In the January 2023 legislative session, New York State Senators Salazar, Brisport, Hoylman, Jackson, Myrie, and Rivera submitted a bill, S-318 which seeks to impose a mortgage tax on mezzanine debt on, and preferred equity...more

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