The “Engels case” on the Court of Appeals level was not completely reversed by the Foreclosure Abuse Prevention Act (“FAPA”) and at least half of it is still valid law. The Court of Appeals in the “Engels Case” consolidated x4 cases. Two x2 cases were focused on what is an acceleration; the other x2 The post Acceleration is an “Overt Act” to Demand the Full Amount Due Under the Mortgage Loan first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

  1.    WHAT IS NEW YORK BUSINESS LAW SECTION 9-X? Section 9-x of the New York State Banking Law {see, SECTION 9-X https://www.nysenate.gov/legislation/laws/BNK/9-X }, was signed into law on June 17, 2020, by New York Governor Andrew Cuomo as part of his signing Senate Bills 8243C and 8428. The section seeks to deal with Covid-19 The post NYS Business Law Section 9-x: A Strong Pandemic Remedial Statute Dealing with Forbearance and Post-Forbearance Solutions, for Covid Caused Mortgage Defaults for Residential Mortgages, but Limited to NYS Regulated Mortgage Servicers and/or NYS Banking Organizations, that May Require Litigation in the Courts to Determine the Extent of the Relief Given by the Legislature first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York, and are currently dealing with the threat of having your house foreclosed on, there are several retention options for you to think about. What is a Retention Option? In “bank speak”, retention options are ways for a homeowner to remain in their home, even if they’re behind on their The post The Bank is Threatening to Foreclose – How Can I Keep My Home? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

  Background and History of the FAPA: The NYS Legislature’s Strengthening of the Foreclosure Statute of Limitations The Foreclosure Abuse Prevention Act (the “FAPA”) is a recent New York State Law dealing with foreclosure procedural rules where the New York State Legislature (the NYS Senate and Assembly) passed bills that were just signed into law by the NYS Governor, The post The Foreclosure Abuse Prevention Act as a Legislative Correction to Controversial NYS Court Cases, Concerning the Foreclosure Statute of Limitations, Including the Court of Appeals Decision in Engel.  first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York, and are behind on your home’s property taxes, you risk having your home foreclosed on. This can happen even if you are up to date on your mortgage payments or own your home outright. What Will My County Do If I’m Behind on My Taxes? In New York State, The post What Happens if I Don’t Pay My New York Property Taxes? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. Today we’ll be talking about the Foreclosure Sale (or Foreclosure Auction) and what it means to you in your foreclosure case. The Final Stages of the Foreclosure Process A foreclosure The post What is a Foreclosure Sale or a Foreclosure Auction in a Foreclosure Case? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. Today we’ll be talking about a Motion for a Judgment of Foreclosure and Sale and what it means to you in your foreclosure case. The Ending Stages of the Foreclosure The post What is a Motion for a Judgment of Foreclosure and Sale in a Foreclosure Case? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York and wanted to restructure your debt through Chapters 11 or 13 bankruptcy, the Corrections Act has, at least temporarily, lifted one of your roadblocks. The Challenge of Debt Limits When it comes to both personal and small business bankruptcy, the options are complete liquidation (Chapter 7) or restructuring your The post What is the Corrections Act and How Can it Help My Bankruptcy Case? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you or an elderly parent have (or are thinking about getting) a reverse mortgage, there are things you need to know about how these types of mortgages work. And yes, you may still have to deal with the threat of foreclosure. What is a Reverse Mortgage? With inflation skyrocketing, many seniors on fixed incomes The post What to Know About Foreclosures on Reverse Mortgages first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.

If you live in New York and are interested in real estate investing, you may be able to use a commercial mortgage on an investment property. But if things go wrong, there are specific differences between the foreclosure process of residential and commercial mortgages. Residential vs. Commercial Mortgages Residential mortgages usually offer better rates and The post What’s the Difference Between Residential and Commercial Mortgages When It Comes to Foreclosures? first appeared on Long Island Bankruptcy & Foreclosure | Law Firm.