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New York Borrowers New Legislation

Morrison & Foerster LLP

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

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

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

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

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