Proposed New York Legislation Targets Foreclosure Policy
June 1, 2016
- Title: Requires plaintiffs in mortgage foreclosure actions to provide contact information
- Last Action: Amended on third reading on 6/1/16.
- Sample Text: Section 1. Section 1307 of the real property actions and proceedings law is amended by adding a new subdivision 9 to read as follows:
A mortgage foreclosure plaintiff with a duty to maintain foreclosed property shall provide the contact information of the employee or agent of the plaintiff responsible for maintenance of the foreclosed property. Such contact information shall include, but not be limited to, a direct telephone number and the name of the employee or agent of the plaintiff responsible for maintenance of the foreclosed property. Such contact information shall be provided to the municipality in which the foreclosed property is located through written notice to the chief financial officer of the municipality and shall be posted on any vacant dwelling or any dwelling that becomes vacant after the issuance of the judgment of foreclosure and sale.
- Title: Relates to providing notice to a homeowner whose property is being foreclosed that they do not have to abandon the property until the day of the foreclosure sale
- Last Action: Referred to judiciary on 1/6/16.
- Sample Text: Section 1. Subdivision 3 of section 1303 of the real property actions and proceedings law, as amended by chapter 507 of the laws of 2009 and as further amended by section 104 of part A of chapter 62 of the laws of 2011, is amended to read as follows:
The notice to any mortgagor required by paragraph (a) of subdivision one of this section shall appear as follows:
Help for Homeowners in Foreclosure
New York State Law requires that we send you this notice about the foreclosure process. Please read it carefully.
Summons and Complaint
You are in danger of losing your home. If you fail to respond to the summons and complaint in this foreclosure action, you may lose your home. Please note: You have the right to remain in your home until you receive a court order telling you to leave the property. This is not an eviction notice and you still have the right to remain in the home until a court orders you to leave. You legally remain the owner of and are responsible for the property until the property is sold by you or by order of the court at the conclusion of this foreclosure action. If you live in the property you have a right to a settlement conference in court at which you can try to negotiate a loan modification that will permit you to keep your home.
Source: New York State Assembly
A.4842 (full text)
A.8559 (full text)