Legislation would restore sanity to the judicially broken foreclosure law (The Buffalo News)

The Foreclosure Abuse Prevention Act, which passed both chambers of the Legislature will help protect countless New Yorkers, who may otherwise be held in limbo because of an unfortunate Court of Appeals ruling from last year. That decision essentially granted lenders unfettered power to move the goal posts on the foreclosure process.

As Sen. Sean Ryan, D-Buffalo, who is a cosponsor of the bill, summarized: By putting defaulted homeowners in limbo, the ruling creates uncertainty for individuals, the legal system and the house market. Homeowners may think the foreclosure process is over because six years has passed, only to find out that banks can restart the process and get a fresh six-year deadline. “It is not good for our community,” Ryan said.

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