Foreclosure Acceleration Prevention Act Effects NYC
In response to the New York Court of Appeals’ decision in Freedom Mortgage Corp. v. Engel (146 N.Y.S.3d 542, 2021), which held that a noteholder’s voluntary revocation of an acceleration of debt restarted the statute of limitations for mortgage foreclosure actions, the New York Legislature passed the Foreclosure Acceleration Prevention Act (FAPA) on December 30, […]