Foreclosure is tearing apart New York City communities. Between July and October 2021, nearly 11% of New York homeowners were behind on a mortgage payment.

Many homeowners are in foreclosure now due to missed mortgage payments stemming as far back as the early 2000s. This is a violation of their legal rights as borrowers -  New York State law sets a time limitation on foreclosure cases. The lender has six years from the time of the missed payment to start a foreclosure action.

Unfortunately, lenders frequently work around the statute of limitations by initiating foreclosure action against the borrower and withdrawing, only to restart the same foreclosure action again later. By accelerating, deaccelerating and reaccelerating mortgages, banks and mortgage lenders keep homeowners indefinitely subject to the loss of their homes.  This state of limbo creates undue stress and anxiety for homeowners, and unjustly removes families from their homes and communities.

The Foreclosure Abuse Prevention Act (FAPA) aims to fix this legal loophole in the statute of limitations, effectively barring lenders from manipulating the law to their advantage. The bill passed the New York State House and Assembly in May 2022, and now awaits Gov. Kathy Hochul's signature to be signed into law.

Help us keep New York City communities intact, and help us keep homeowners in their homes; tell Hochul to sign FAPA into law!