An omnibus foreclosure bill1 signed by New York’s governor on June 23, 2016 (and effective 180 days thereafter) creates a host of new, caustic problems for any party holding a mortgage in default. While all aspects are noteworthy and compelling, this foray will address changes to the pre-foreclosure 90-day notice requirement.2
Even though foreclosures in New York now consume more time than ever, and even though borrowers are protected by myriad extensive notices, the Legislature looked to go further. It believed that the 90-day notice provision needed to be expanded to provide yet broader benefits to borrowers who may still be perceived as being shorn of protection.
