New York Changes Residential Mortgage Foreclosure Requirements | Weiner Brodsky Kider PC



New York Governor Andrew Cuomo recently signed into law Senate Bill 5785 (SB 5785), which makes confirmation of charges provisions that are currently only available for high-cost loans and subprime mortgages, are applicable to foreclosure on home mortgages covering one to four family homes.

In relevant part, SB 5785 is amending the New York Real Estate and Litigation Act (RPAPL) by requiring plaintiffs in a foreclosure claim to recognize title to promissory notes and mortgages for all home loans and to allow all homeowners to enjoy certain legislative acts. remedies to protect their homes, such as the right to receive advance notice of foreclosure transfers under RPAPL 1304.

The amendments by SB 5785 are effective 1 January 2022.


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