News & Analysis as of November 17, 2024

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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 +

California Passes Law Extending new Protections to Mortgage Borrowers

Sheppard Mullin Richter & Hampton LLP on 10/14/2024

On September 20, Governor Newsom signed AB 2424, which establishes a significant set of new foreclosure notification and sale requirements for mortgage lenders. The law is effective as of January 1, 2025....more

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on 7/7/2023

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

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

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

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

Oregon Law Limits Lender Enforcement Actions Against Borrowers

Seyfarth Shaw LLP on 8/7/2020

Oregon’s House Bill 4204 (the “Statute”) was signed into law on July 7, 2020, by Governor Kate Brown. The Statute imposes certain limitations on a lender’s right to undertake enforcement action against a borrower on loans...more

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on 6/23/2020

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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