Impacts of the Foreclosure Abuse Prevention Act: The Law Office of Ronald D. Weiss, P.C.
Impacts of the Foreclosure Abuse Prevention Act On December 30, 2022, Governor Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (“FAPA”) (A7737B). Originally introduced by Senator James Sanders, Jr. on March 8, 2021, FAPA spent nearly two years moving through New York’s legislative process. The act was a direct response to the Court of Appeals decision in Freedom Mtge. Corp. v. Engel (37 NY3d 1 [2021]), leading many to refer to FAPA as the “Anti-Engel Bill.” With FAPA’s passage, many mortgage liens have been rendered time-barred under New York’s six-year statute of limitations for mortgage foreclosures. This article examines the current state of New York foreclosure law and how FAPA has reshaped the legal landscape. I. Understanding the Statute of Limitations in New York Foreclosure Law A statute of limitations establishes a deadline for filing lawsuits after a triggering event. Under New York law (CPLR § 213[4]), the statute of limitations...