MFI-Miami Blog

Big Win For Homeowners! New York Foreclosure Lawyers Must Now Prove They Have Legal Standing To Foreclose  It’s a big win for homeowners! New York Governor Andrew Cuomo recently signed a bill requiring New York foreclosure lawyers to prove they have legal standing to foreclose. The new law is expected to level the playing field for homeowners in foreclosure. Assemblymember Helene Weinstein and State Senator Brian Kavanagh sponsored the bill. The law amends Article 13 in Real Property Actions & Proceedings. It also allows defendants more leeway to bring up the defense of “standing” in foreclosure court,  Kings County Politics  reports. New York has some of the highest delinquency and foreclosure rates in the county.  According to  LendingTree,  the New York metro had the highest serious delinquency rate in New York state. Read more at MFI-Miami

How New York Homeowners Are Scoring Free Houses During Foreclosure Using New York’s Statute Of Limitations Law New York homeowners are using a legal tactic to score a free house during foreclosure. MFI-Miami and our partner law firms used to use a similar tactic in Florida. That was until the  Florida Supreme Court  stepped in with the  Bartram decision . Now we can only argue standing and the validity of the debt. The good news is that the New York State Courts are allowing homeowners to invoke the statute of limitations. Yes, this is a game changer for New York homeowners. New York homeowners facing foreclosure are beginning to invoke New York’s six-year statute of limitations law. The NYS statute of limitations begins when the homeowner receives the original notice of acceleration from their lender. The courts have ruled a lender must also send out a de-acceleration in order to initiate a second foreclosure action. Read more at MFI-Miami