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Hochul backs foreclosure law

Jan 06, 2023 12:34 pm

Nick Reisman reports at New York State of Politics that Gov. Kathy Hochul has approved a new law preventing any party in a mortgage foreclosure process from unilaterally stopping and restarting the statute of limitations to bring back what would otherwise be a time-barred application. "I heartily applaud Governor Kathy Hochul for doing the right thing to make sure the foreclosure process in New York is fair to all parties concerned," said state Sen. James Sanders, who sponsored the legislation. "For most two people, a home is a family’s biggest investment and it is where they live their lives." Assemblyperson Helene Weinstein also backed the measure, saying, "The deck has long been stacked against homeowners due to a highly flawed mortgage foreclosure process, and this bill will go a long way to adding back some fairness to the process." Read the full story at New York State of Politics.

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