News & Analysis as of

New Legislation Foreclosure Borrowers

McGlinchey Stafford

Second Department Holds Judicial Estoppel Bars Application of FAPA

McGlinchey Stafford on

On July 16, 2025, the Appellate Division, Second Department declined to apply the Foreclosure Abuse Prevention Act (FAPA) to a mortgage foreclosure commenced prior to FAPA’s enactment, pursuant to the doctrine of judicial...more

Sheppard Mullin Richter & Hampton LLP

California Enacts New Mortgage Servicing and Foreclosure Standards

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

Ballard Spahr LLP

Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans

Ballard Spahr LLP on

The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...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

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

Perkins Coie

The Foreclosure Abuse Prevention Act is Now Law

Perkins Coie on

On December 30, 2022, New York Governor Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (FAPA) after the bill’s passage by both the New York state senate and the assembly. FAPA is a direct response to a New...more

Orrick, Herrington & Sutcliffe LLP

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

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

Harris Beach Murtha PLLC

Help or Harm? New Legislation Aimed at Helping Tenants and Borrowers Impacted by COVID Causes Concern for Landlords and Lenders

In his recent State of the State Address, New York Governor Andrew Cuomo indicated a desire to stay mortgage foreclosures, commercial evictions and foreclosures through May 1, 2021. On March 9, 2021, the Governor’s desires...more

Snell & Wilmer

New Oregon Law Imposes Moratorium on Foreclosures and Notice Requirements on Lenders

Snell & Wilmer on

Oregon lawmakers held a three-day special legislative session in June during which they tackled, among other issues, legislation aimed at relief for both consumers and businesses impacted financially by the COVID-19 crisis....more

Perkins Coie

Oregon COVID-19-Related Borrower Protections Signed Into Law

Perkins Coie on

Oregon Governor Kate Brown signed House Bill 4204 (HB 4204) into law on June 20, 2020. The new statute affects lenders of both commercial and residential loans secured by Oregon real estate. It requires lenders to defer loan...more

Goodwin

COVID-19 and Consumer Financial Services: Navigating New U.S. and State Orders, Rules, Laws, Guidance, and Pleas

Goodwin on

Over the past several weeks, the coronavirus (COVID-19) pandemic has sparked a litany of new orders, rules, laws, guidance, and plain asks from federal and state leaders, agencies, and courts. The President and federal and...more

Ballard Spahr LLP

The Impact of Dual Tracking Restrictions on Foreclosure Rates in California

Ballard Spahr LLP on

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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