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NY Court Issues Key Decision on Mortgage Timing

New York’s highest state court has published a “landmark” ruling, siding with mortgage lenders in foreclosure-related appeals involving statutes of limitations. That’s according to an article by law firm McGlinchey Stafford, and as Law360.com also reports.

e-->In another article, law firm Blank Rome explains, “The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the debt ‘will’ be accelerated does not accelerate the debt.”

Mortgage holders involved in the four foreclosure cases at issue include Wells Fargo and Freedom Mortgage.

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