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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 -
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

Alston & Bird on

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

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Proposed Tax on Real Estate Mezzanine Debt and Preferred Equity Financing…Once Again.

Tannenbaum Helpern Syracuse & Hirschtritt LLP on

Earlier this month, the New York State Senate (S318) and Assembly (A407) reintroduced proposed legislation seeking to extend the New York State mortgage recording tax to mezzanine debt and preferred equity financings. This...more

Katten Muchin Rosenman LLP

UPDATE: Proposed Taxes on Mezzanine and Preferred Equity Financing Resurface in New York Legislature

Katten Muchin Rosenman LLP on

Key Points - - New York lawmakers have reintroduced legislation that, if adopted into law, would make mezzanine and preferred equity financing subject to the mortgage recording tax. - The legislation would also...more

Orrick, Herrington & Sutcliffe LLP

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

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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 PLLC

Blue Sky Laws: In New York, The Issue is Real Estate

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Part of the challenge for municipal bond issuers in determining their obligations under Blue Sky laws lies in properly characterizing the nature of the underlying securities. What if, for instance, municipal bonds include...more

Mayer Brown

New York Enacts Retroactive Foreclosure Legislation

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While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

Rivkin Radler LLP

New York Insurance Coverage Law Update - December 2021

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New York Court of Appeals Holds That Disgorgement Payment Under SEC Settlement Not Excluded As A Penalty Imposed By Law- The Securities and Exchange Commission (SEC) alleged that Bear Stearns facilitated late trading and...more

Harris Beach PLLC

New York State Addresses Residential Mortgage Forbearance Procedures - Update

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Update: As noted, New York State enacted Banking Law §9-x on June 17, 2020 as a means of providing forbearance relief to mortgagors that were experiencing financial hardship as a result of the COVID-19 pandemic. Recently,...more

Bradley Arant Boult Cummings LLP

New York Clarifies Mortgage Loan Acceleration and De-Acceleration: Starting and Stopping the Limitations Clock

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On February 18, 2021, the New York Court of Appeals’ consolidated resolution of four cases that answered two critical questions concerning the application of the statute of limitations in New York mortgage foreclosure...more

Katten Muchin Rosenman LLP

New York State Lawmakers Consider New Taxes on Mezzanine and Preferred Equity Financing, Owners of Second "Pied-à-Terre" Homes in...

Katten Muchin Rosenman LLP on

Key Points - - New York State lawmakers, who are looking to make up the gap in the state's annual budget, are considering proposals for nearly $7 billion in tax hikes in a package that includes taxes on mezzanine and...more

Harris Beach PLLC

New York State Court of Appeals Provides Guidance on Acceleration in Foreclosure Cases

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The New York State Court of Appeals recently provided much needed guidance to mortgagees on the issue of acceleration and determining the commencement date for the statute of limitation after acceleration in the decision...more

Alston & Bird

New York State Revises Restrictive HECM Foreclosure Law

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A&B ABstract - On December 15, 2020, New York State enacted legislation amending the New York Real Property Law that would have placed various restrictions and requirements on the servicing of Home Equity Conversion Mortgages...more

Bradley Arant Boult Cummings LLP

New York Enacts a Moratorium on COVID-19-Related Residential Evictions and Foreclosures

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On December 28, 2020, New York passed a new law entitled the “COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020.” The act places a moratorium on COVID-19-related residential real property mortgage foreclosure...more

Hinshaw & Culbertson - Consumer Crossroads

New York State Passes Eviction and Foreclosure Moratorium Protecting Renters, Homeowners, and Small Landlords

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On Monday, December 28, 2020, Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020. Among other things, this legislation (S.9114/A.11181) extends certain residential foreclosure...more

White and Williams LLP

New York State Legislature Considers Extending Mortgage Recording Tax to Mezzanine Debt and Preferred Equity

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A New York State bill that seeks to charge a recording tax on mezzanine debt financings has been revised to extend the recording tax to preferred equity investments. In January 2020, Senator Julia Salazar and Assembly...more

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

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On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

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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

Seyfarth Shaw LLP

Proposed Legislation in New York Would Suspend Some Rent Payments

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The New York Legislature is considering a pair of bills that would provide relief for some of those residential or commercial tenants that have either lost their jobs or been forced to close during the current crisis. ...more

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