![]() The Engel decision stands to save mortgage lenders billions of dollars, and place potentially thousands of homeowners statewide under threat of foreclosure. ![]() Real estate and banking industry players have been lobbying against the bill since last year, including J.P. Hochul’s staff has met with representatives of the mortgage industry to hear their reasoning for opposing the bill, New York Focus and THE CITY have learned.Ī spokesperson for Hochul did not immediately respond to a question on whether she has met with supporters. ![]() Members and sponsors make THE CITY possible. The bill that passed the state Senate Tuesday by a 52-10 vote following approval in the Assembly would overrule that decision, as well as another related to foreclosures from a lower-level state court. Engel, the Court of Appeals ruled that lenders could proceed with foreclosures nonetheless - and even revive dormant cases. In the case, known as Freedom Mortgage Corporation v. 2021 decision from the New York Court of Appeals, the highest court in New York State, that reopened hundreds of foreclosure cases that homeowners thought they had won because lenders missed a key deadline. Kathy Hochul’s desk for either a signature or veto - and she’s not saying which. Some homeowners facing foreclosure stand to get relief under a bill passed by the state legislature and now heading to Gov. This story was published in partnership with New York Focus, an independent, investigative news site covering New York state and city politics.
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