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Assembly Bill A9981

2015-2016 Legislative Session

Allows right of redemption in foreclosure action brought against mortgagor's residence

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Archive: Last Bill Status - In Assembly Committee

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2015-A9981 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1352-a, RPAP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3593
2011-2012: A2444
2013-2014: A2863

2015-A9981 (ACTIVE) - Summary

Allows right of redemption in foreclosure action brought against mortgagor's residence; provides such right must be exercised within 1 year of entering of judgment.

2015-A9981 (ACTIVE) - Bill Text download pdf 

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

                                  9981

                          I N  A S S E M B L Y

                               May 2, 2016
                               ___________

Introduced  by  M.  of  A.  RICHARDSON  -- read once and referred to the
  Committee on Housing

AN ACT to amend the  real  property  actions  and  proceedings  law,  in
  relation to right of redemption in a foreclosure action of a residence

  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 1352-a to read as follows:
  S 1352-A. RIGHT OF REDEMPTION IN AN ACTION TO FORECLOSE A MORTGAGE  ON
A  RESIDENCE.  AT ANY TIME WITHIN ONE YEAR FROM THE TIME OF THE ENTERING
OF A JUDGMENT IN AN ACTION TO FORECLOSE A MORTGAGE,  THE  MORTGAGOR,  IF
THE REAL PROPERTY FORECLOSED IS THE RESIDENCE OF THE MORTGAGOR, MAY CURE
THE  INDEBTEDNESS  BY PAYING THE AMOUNT OF MONEYS SPECIFIED IN THE JUDG-
MENT PLUS  THE  REASONABLE  EXPENSES  OF  THE  PROCEEDING  TO  FORECLOSE
INCURRED  TO THE TIME OF TENDER, INCLUDING REASONABLE ATTORNEY'S FEES OF
THE MORTGAGEE.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08685-01-5

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