DEAR GOV. KATHY HOCHUL:
Over 400,000 New York households fell behind on their mortgage payments during the pandemic. Some homeowners face foreclosure from missed payments as far back as 2006 - that's longer than the six-year period allotted by the statute of limitations on foreclosure cases. It's time to make foreclosure a fair process for homeowners. It's time to enforce the law.
Please sign Bill S5473D, the "Foreclosure Abuse Prevention Act."
6 years
The amount of time the lender has from the date of a missed mortgage payment to commence foreclosure action against a borrower.
400,000
The number of New York homeowners behind on their mortgage payments between July and October 2021.
20%
The percentage of New York's homeowners of color facing foreclosure - nearly twice the rate of New York City overall.
THE FORECLOSURE ABUSE PREVENTION ACT
Also known as "Bill S5473D," aims to mend legal loopholes allowing banks to foreclose on homeowners for missed payments older than six years.
LATEST NEWS
July 19, 2022July 19, 2022July 19, 2022