The good news for borrowers is that banks have only a certain amount of time to foreclose in New York (six years). The bad news? Seems bankers and their attorneys may have figured out a way to extend this time. What can bankers do? They can simply "take back" or revoke their request to have the borrower pay the entire loan in full (acceleration of the loan) by sending a letter to the borrower stating just that.
The full article can be found here: http://www.newyorklawjournal.com
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