Source: Housing Wire —
Homeowners in New York who are knee-deep in foreclosure litigation may soon get a break, as a piece of legislation making its way to Gov. Kathy Hochul’s desk could discharge a swath of foreclosure cases pending in state and appellate courts.
If Hochul signs the bill as-is, the statute of limitations for a lender to start a foreclosure action will be reverted to six years, as was the case prior to the Court of Appeals’ 2021 decision in Freedom Mortgage Corporation vs. Engel.
The bill, dubbed the “Foreclosure Abuse Prevention Act,” sailed through the New York Senate in a 52-10 vote last week. In March, the assembly version of the bill passed 107-40.