Mortgages, New York

RPAPL 1501(4) and the Mortgagee in Possession Doctrine

Freiberger Haber LLP on 4/14/2025

Today’s article addresses a property owner’s right to cancel a recorded mortgage pursuant to RPAPL 1501(4)[1] and whether a mortgagee is “is entitled to recover sums expended to preserve and maintain an allegedly abandoned...more

Foreclosure Process Clarification: No Pre-Foreclosure Notice Required to be Served on Appointed Estate Fiduciary for Deceased...

Falcon Rappaport & Berkman LLP on 4/8/2025

In a significant legal victory for lenders, the Supreme Court of New York recently ruled in favor of our lender client in a residential foreclosure action against the estate of its borrower. This decision confirms that...more

Consumer Finance State Roundup - March 2025

Alston & Bird on 3/7/2025

The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from two states: California: Effective January 1, California Assembly Bill 3108 addresses mortgage fraud. ...more

All Along the Watchtower: Awaiting the Ruling on FAPA’s Retroactive Reach

Cadwalader, Wickersham & Taft LLP on 12/23/2024

In a recent case, E. Fork Funding LLC v. U.S. Bank, Nat’l Ass’n, the United States Court of Appeals for the Second Circuit has certified a novel question for the New York Court of Appeals ("NYCOA"): Whether Sections 4 and/or...more

Tips on Using a Settlement Conference RJI to Show CPLR 3215(c) Compliance in New York Foreclosure Actions

Hinshaw & Culbertson - Consumer Crossroads on 11/8/2024

In New York civil actions, where a defendant fails to answer the complaint, the next step is usually a motion for a default judgment pursuant to CPLR 3215. However, in residential mortgage foreclosure actions, the plaintiff...more

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

McGlinchey Stafford on 6/28/2024

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

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

Cadwalader, Wickersham & Taft LLP on 6/13/2024

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

Fannie Mae Issues Guidance in Response to New York Foreclosure Abuse Prevention Act

Alston & Bird on 3/21/2024

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

The New York Lien Law - Top Ten Things You Ought to Know

White and Williams LLP on 11/13/2023

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

New York County Supreme Court Upholds Accommodation Pledges

White and Williams LLP on 8/28/2023

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

Balancing Mortgage and Mechanics Lien Priorities in New York

Cole Schotz on 5/25/2023

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

New York State Legislators Reintroduce Bill Proposing Tax on Mezzanine Debt and Preferred Equity Investments

Akerman LLP on 2/8/2023

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

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

Tannenbaum Helpern Syracuse & Hirschtritt LLP on 1/18/2023

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

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

Katten Muchin Rosenman LLP on 1/13/2023

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

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

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

Harris Beach Murtha PLLC on 1/12/2023

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

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on 1/6/2023

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

New York Insurance Coverage Law Update - December 2021

Rivkin Radler LLP on 12/29/2021

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

New York State Addresses Residential Mortgage Forbearance Procedures - Update

Harris Beach Murtha PLLC on 4/7/2021

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

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

Bradley Arant Boult Cummings LLP on 4/1/2021

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

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 3/30/2021

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

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