Foreclosure Abuse Prevention Act awaits Gov. Hochul's decision

A new bill aims to help homeowners facing foreclosure by, among other things, enforcing the statute of limitations, CBS2's Hannah Kliger reports.

[@song9119]

When the lender claims they “unilaterally revoked the acceleration” they in fact did nothing of the sort. It’s all one big sham to only to reset the clock for themselves. This gamesmanship will soon come to an end, This legislation will get signed.

[@song9119]

Thank you Governor for putting the law straight once and for all. The Statute of Limitations is not a light switch that can be fiddled around with as anyone wishes

[@song9119]

Brian Mgrath is essentially saying, yes we slept at the wheel and allowed all the time to expire but please rescue us banks by allowing us to manipulate the statute of limitations, something no one else is allowed to do. Sorry Brian, that’s not the way statute of limitations works buddy

[@LeadSnake]

New York Court of Appeals in Freedom Mtge. Corp. v Engel (2021) deviated from its own over 100-year-old case law, just like the Court of Appeal overturned Roe v. Wade, and allowed lenders in foreclosure actions to extend the statute of limitations unilaterally endlessly. Attorneys like Mcgrath would sit there and shamelessly lie about potential lending difficulties should the Bill become law, overlooking the simple fact that the Bill is merely looking to bring things back to the way it was for over 100 years.

[@song9119]

The banks lawyers know good and well who caused so many foreclosures to become time barred, it stands to reason why the same lawyers that neglected thousands of cases are the same lawyers bashing this awesome piece of homeowner protective legislation. They are simply afraid of the truth being uncovered.

[@song9119]

Brian Mgrath will basically say anything against this legislation even if it makes no sense, as he clearly wants the lending industry and their lawyers gamesmanship and manipulation to continue freely, under no merits or common sense whatsoever. So far I haven’t heard one word on why only a mortgage lender should be the only litigants to freely be able to extend the statute of limitations, when no one else has such a right.

[@marlong9350]

The Bill does not create new law. It simply enforces the existing laws such as CPLR 205(a) and CPLR 201 which lenders have manipulated. As far as I see it, the bank lawyers had 6-years to file the foreclosure lawsuit and they failed to do so timely. Perhaps the banks should be filing malpractice actions against their attorneys rather than fighting homeowners and trying change existing law. If you allow banks to start and restart indefinitely, it will result in the erosion of homeowners equity and prevent them from getting a fresh start. How can the Governor not support this Bill?

[@song9119]

The lenders argue if the legislator will not allow them to continue to manipulate the statute of limitations it will somehow hurt homeowners, this is beyond laughable

[@confusedcynic9073]

I thought if didn't pay your mortgage, you would lose your house to the bank who holds the mortgage. Now we hire lawyers to stop the foreclosure, WTF. So if you can't or won't meet your obligations, just hire a lawyer, what a f... up deal that is.

[@song9119]

Not exactly correct. Mortgage lenders win most foreclosure cases even when the homeowner hires a decent lawyer, however, in some instances they mess up and neglect their cases until all their times runs out.

[@johnkessler7820]

What happened to, if you borrow money, you pay it back.

[@song9119]

What happens if you fall and get severely injured on an icy sidewalk because the negligent property owner didn’t clear his snow and you sue only one day too late? Your case will get dismissed! And guess what, lenders have a much longer limitation than personal injury cases

[@song9119]

If you claim someone owes you money many years after the statute of limitations you are basically depriving the person of being able to defend themselves, since witnesses die, evidence gets lost. There are valid reason for why there is a limitation period for all types of claims

[@carmenfarine3580]

You must pay your bills.

[@song9119]

Mortgage lenders must sue in a timely manner, just like everyone else. There is a reason there is such a concept of statute of limitations in the first place