senate Bill S2958

2013-2014 Legislative Session

Establishes a one year moratorium on actions to foreclose a mortgage

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this bill?

Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to housing, construction and community development
Apr 29, 2013 defeated in housing, construction and community development
Mar 11, 2013 notice of committee consideration - requested
Jan 25, 2013 referred to housing, construction and community development

Votes

view votes

Apr 29, 2013 - Housing, Construction and Community Development committee Vote

S2958
2
5
committee
2
Aye
5
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: Apr 29, 2013

aye (2)
excused (1)

S2958 - Bill 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 2011-2012 Legislative Session:
S7859

S2958 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S2958

TITLE OF BILL: 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

PURPOSE: To enact a one year moratorium on foreclosures in New York
State.

SUMMARY OF PROVISIONS: Provides for a one year moratorium on foreclo-
sures, provided that the homeowner abides by the good faith agreement
made with the bank or mortgage holder.

JUSTIFICATION: Foreclosures have reached an all time high during the
current economic recession. According to Realty Trac, Inc., there have
been more than 54,000 homes in foreclosure over the past four years
statewide. Today, one in ten residential mortgages in New York City is
seriously delinquent Queens County has. among the highest percentages of
seriously delinquent mortgages in New York City. Foreclosures create a
vicious cycle of unemployment, deterioration of property values and
economic activity in the community, and requires additional financial
assistance from state and local government for a variety of services.

While the economy is slowly improving, it is imperative that responsible
homeowners who make a good faith effort to pay their mortgages during
times of unemployment have the opportunity to continue to own their
homes. This legislation would impose a one year moratorium on foreclo-
sures, provided that the homeowner maintains the mortgage payment agreed
to as a result of negotiations with the bank or other mortgage holder.
This will allow the hemorrhaging of foreclosures to cease while the
economy recovers over the next year. This will allow New Yorkers to
secure employment and get their finances back on track, which in turn
will assist in stabilizing our state's economy.

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: None.

LOCAL FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: Immediately.

view full 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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.