The statute of limitations in New York residential foreclosure actions is one of the most critical issues affecting the foreclosure industry today. Until earlier this year, the application of the statute of limitations to mortgage foreclosure cases was not favorable to plaintiffs. In January, the NY Court of Appeals took an important step in leveling the playing field for foreclosing plaintiffs. In the landmark case Freedom Mortgage v. Engel, the Court of Appeals provided much needed clarity regarding the application of the statute of limitations in mortgage foreclosure actions. Nevertheless, questions remain. This program will discuss the current state of play relative to the statute of limitations in NY foreclosure actions, and the judicial decisions and legislative efforts affecting this complicated issue.
I. Understand the statute of limitations in foreclosure
II. Recognize the intricacies of acceleration and deceleration
III. Discuss the Court of Appeals’ Freedom Mortgage v. Engel decision & IV. Review legislative efforts to curtail/overrule Freedom Mortgage v. Engel.