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Senate Bill S2958

2013-2014 Legislative Session

Establishes a one year moratorium on actions to foreclose a mortgage

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2013-S2958 (ACTIVE) - Details

See Assembly Version of this Bill:
A5275
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1392, RPAP L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7859
2015-2016: A3325
2017-2018: A3636
2019-2020: A4196
2021-2022: A2034
2023-2024: A730

2013-S2958 (ACTIVE) - Summary

Establishes a one year moratorium on actions to foreclose a mortgage.

2013-S2958 (ACTIVE) - Sponsor Memo

2013-S2958 (ACTIVE) - Bill Text download pdf 

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

                                  2958

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to  amend  the  real  property  actions and proceedings law, in
  relation to establishing a one year moratorium on actions to foreclose
  a mortgage

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

  Section 1. The real property actions and proceedings law is amended by
adding a new section 1392 to read as follows:
  S 1392. MORATORIUM ON ACTIONS TO FORECLOSE A MORTGAGE. 1. BEGINNING ON
THE  EFFECTIVE DATE OF THIS SECTION AND ENDING ONE YEAR AFTER SUCH DATE,
NO ACTION TO FORECLOSE A MORTGAGE ON REAL PROPERTY LOCATED IN THIS STATE
SHALL BE BROUGHT PURSUANT TO THIS ARTICLE IN ANY COURT IN THIS STATE.
  2. ANY MORTGAGOR IN THIS STATE WHO OWNS PROPERTY IN  THIS  STATE  THAT
WOULD  OTHERWISE  BE  SUBJECT  TO  AN  ACTION TO FORECLOSE SUCH MORTGAGE
PURSUANT TO THIS ARTICLE SHALL ENTER INTO GOOD FAITH  NEGOTIATIONS  WITH
THE  MORTGAGEE  OF SUCH MORTGAGE TO NEGOTIATE TERMS FOR REPAYMENT OF THE
LOAN SECURED BY SUCH MORTGAGE. UPON AGREEMENT OF SUCH TERMS, SUCH  MORT-
GAGOR SHALL MAKE PAYMENTS TO SUCH MORTGAGEE ACCORDING TO SUCH AGREEMENT.
FAILURE  BY  SUCH  MORTGAGOR TO MAKE PAYMENTS PURSUANT TO SUCH AGREEMENT
SHALL  CONSTITUTE  A  WAIVER  BY  SUCH  MORTGAGOR  OF   THE   MORATORIUM
PROTECTIONS SET FORTH IN SUBDIVISION ONE OF THIS SECTION.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08330-01-3

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