NY State Senate Bill 2009-S4506

Senate Bill S4506

2009-2010 Legislative Session

Permits one-time deferral of two monthly mortgage payments for the balance of the term on a residential mortgage; provides that the term be extended by such deferral

download bill text pdf

Archive: Last Bill Status - On Floor Calendar

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 10, 2010	advanced to third reading
May 05, 2010	2nd report cal.
May 04, 2010	1st report cal.484
Jan 06, 2010	referred to judiciary
Apr 24, 2009	referred to judiciary

Votes

- May 4, 2010 - Judiciary Committee Vote
  S4506
  
  13
  
  Aye
  
  2
  
  Nay
  
  8
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Judiciary Committee Vote: May 4, 2010
      
      aye (13)
      
      Adams
      
      Breslin
      
      Diaz
      
      Dilan
      
      Espada
      
      Hassell-Thompson
      
      Klein
      
      Maziarz
      
      Onorato
      
      Perkins
      
      Sampson
      
      Savino
      
      Schneiderman
      
      nay (2)
      
      Lanza
      
      Winner
      
      aye wr (8)
      
      Bonacic
      
      DeFrancisco
      
      LaValle
      
      Leibell
      
      Nozzolio
      
      Ranzenhofer
      
      Saland
      
      Volker

2009-S4506 (ACTIVE) - Details

See Assembly Version of this Bill:: A5441
Law Section:: Real Property Law
Laws Affected:: Add §282, RP L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A6259
2013-2014: A3681

2009-S4506 (ACTIVE) - Summary

Permits a one-time deferral of two consecutive monthly mortgage payments for the balance of the term of the mortgage on a residential mortgage; provides that the mortgage term be automatically extended by the period of such deferral and that the amount of monthly payments remain the same and not be recalculated.

2009-S4506 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4506

 TITLE OF BILL :  An act to amend the real property law, in relation
to residential mortgage payment deferral right

 PURPOSE OR GENERAL IDEA OF BILL : This is to address the common
problem among mortgagees who are having difficulty in making mortgage
payments. This bill will allow a party, who is not more than two
months behind on payments, the one time option to have the outstanding
payments and costs added to the back end of their mortgage thusly,
extending the mortgage by this amount, provided that they are ready,
willing, and able to make the third payment and"all future payments
for said mortgage timely.

 JUSTIFICATION : Many times mortgagors are faced with a financial
crisis such as temporary loss of employment, rent collection problems,
or unexpected major debts which cause them to fall behind on their
mortgage payments. If the mortgagee is more than thirty days late on
mortgage payments the lender will often require that the late payment
plus the current payment be paid immediately by certified funds. If
the payment is not made by the third month the foreclosure process
begins unless the party can make a full payment on all the moneys due
including additional bank fees. This bill will create an opportunity
for the party to begin making mortgage payments at their current level
of payment while allowing the outstanding costs to be deferred to the
conclusion of the mortgage rather than be due at the point of debt

where the sum can often be insurmountable. This bill will greatly aid
mortgagees and will cut back on the number of foreclosure proceedings.

 PRIOR LEGISLATIVE HISTORY :
2001-2002 A.5544 (SEDDIO)
2003-2004 A.1492 (SEDDIO)
2005 A.4321 (SEDDIO)
2006 A.11827 (MAISEL) 2008 A.7805

 FISCAL IMPLICATIONS : None.

 EFFECTIVE  DATE : This act will take effect on the first of September
next succeeding.

2009-S4506 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4506

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 24, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the real property law, in relation to residential  mort-
  gage payment deferral right

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding  a  new  section
282 to read as follows:
  S  282.  RESIDENTIAL  MORTGAGE PAYMENT DEFERRAL RIGHT.   1. AS USED IN
THIS SECTION, THE TERM "RESIDENTIAL MORTGAGE" MEANS A MORTGAGE  ON  REAL
PROPERTY  CONTAINING,  OR  COOPERATIVE  SHARES  ASSIGNED TO, ONE OR MORE
DWELLING UNITS USED FOR RESIDENTIAL PURPOSES.
  2. UPON GIVING AT LEAST THIRTY DAYS WRITTEN NOTICE TO  THE  MORTGAGEE,
EVERY  MORTGAGOR WHO IS A PARTY TO A RESIDENTIAL MORTGAGE SHALL BE ENTI-
TLED TO A ONE-TIME DEFERRAL OF UP TO TWO  CONSECUTIVE  MONTHLY  PAYMENTS
DUE  ON  THE MORTGAGE UNTIL THE END OF THE TERM OF THE MORTGAGE. IF THIS
ENTITLEMENT IS CLAIMED BY GIVING THE REQUISITE NOTICE, THE TERM OF  SUCH
RESIDENTIAL  MORTGAGE  SHALL  BE AUTOMATICALLY EXTENDED BY THE PERIOD OF
SUCH PAYMENT DEFERRAL AND THE AMOUNT OF THE MONTHLY PAYMENTS DUE ON  THE
MORTGAGE SHALL REMAIN THE SAME AND NOT BE RECALCULATED.
  3.  THE  PROVISIONS  OF THIS SECTION SHALL BE DEEMED INCORPORATED INTO
THE PROVISIONS OF EVERY RESIDENTIAL MORTGAGE EXECUTED ON  OR  AFTER  THE
EFFECTIVE DATE OF THIS SECTION.
  4.  THE  PROVISIONS OF THIS SECTION SHALL BE DEEMED AN ACT OF LEGISLA-
TIVE GRACE AND A MATTER OF EFFECTUATING THE PUBLIC POLICY OF THIS STATE.
  S 2. This act shall  take  effect  on  the  first  of  September  next
succeeding  the date on which it shall have become a law and shall apply
to residential mortgages as defined in section 282 of the real  property
law,  as  added  by  section  one  of this act, executed on or after the
effective date of this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07214-01-9

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