NY Requires Lenders to Repay Borrower Legal Fees if They Lose
December 13, 2010
Legislation has been signed into law in New York that requires mortgage lenders that lose in a mortgage foreclosure action to pay the borrowers legal fees. The new amendment to the states Real Property Law, Section 282, applies solely to residential real property, according to Bruce Bergman, a foreclosure attorney and a partner with the New York law firm Berkman, Henoch, Peterson, Peddy & Fenchel. The provision covers...