The foreclosure law in New York has evolved over the last 13 years following the 2007 mortgage crises. The legislation that was enacted to address this evolution, had the effect of slowing the foreclosure process to facilitate home retention and provide an opportunity for parties to negotiate loss mitigation alternatives.

The ensuing foreclosure actions and the new legislation have given rise to numerous legal issues, including the quality of proof required for a mortgagee to demonstrate standing to foreclose, compliance with statutorily and contractually mandated pre-foreclosure requirements, whether failure to modify a mortgage contract warrants the imposition of sanctions against the mortgagee, service of process and statute of limitations issues.