| Date of Action |
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 |
Senate Bill S4506
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - On Floor Calendar
Actions
Votes
2009-S4506 (ACTIVE) - Details
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
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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