Assembly Bill A8376

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

                                  8376

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                           September 11, 2015
                               ___________

Introduced by M. of A. CURRAN -- read once and referred to the Committee
  on Judiciary

AN  ACT  to amend the real property law, in relation to Superstorm Sandy
  real property foreclosure relief

  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
283 to read as follows:
  S 283. SUPERSTORM SANDY REAL PROPERTY  FORECLOSURE  RELIEF.    1.  (A)
NOTWITHSTANDING  ANY  PROVISION  OF GENERAL, SPECIAL OR LOCAL LAW TO THE
CONTRARY, AN ELIGIBLE REAL PROPERTY  OWNER  OF  AFFECTED  REAL  PROPERTY
DAMAGED  AS  A  RESULT  OF  SUPERSTORM SANDY MAY, UPON COMMENCEMENT OF A
MORTGAGE FORECLOSURE ACTION PURSUANT TO ARTICLE  THIRTEEN  OF  THE  REAL
PROPERTY  ACTIONS  AND  PROCEEDINGS  LAW,  MAKE APPLICATION TO THE COURT
HAVING JURISDICTION  OVER  THE  ACTION  FOR  A  TEMPORARY  STAY  IN  THE
PROCEEDINGS.
  (B)  A  COURT RECEIVING AN APPLICATION FOR A STAY OF MORTGAGE FORECLO-
SURE PROCEEDINGS PURSUANT TO THIS SECTION MAY, IN ITS DISCRETION,  GRANT
SUCH  A  STAY  NOT EXCEEDING THIRTY-SIX MONTHS FOLLOWING A DETERMINATION
THAT AN APPLICANT IS AN ELIGIBLE REAL PROPERTY OWNER ENTITLED TO SUCH  A
STAY AS DEFINED IN THIS SECTION.
  2.  (A)  AN  ELIGIBLE REAL PROPERTY OWNER SHALL REMAIN RESPONSIBLE FOR
ALL PROPERTY TAXES AND FEES INCURRED OR DUE DURING A COURT ORDERED  STAY
OF FORECLOSURE PROCEEDINGS PURSUANT TO THIS SECTION.
  (B)  AN ELIGIBLE REAL PROPERTY OWNER SHALL MAINTAIN SUCH AFFECTED REAL
PROPERTY DURING A COURT ORDERED STAY OF FORECLOSURE PROCEEDINGS PURSUANT
TO THIS SECTION.
  3. (A) A STAY OF FORECLOSURE PROCEEDINGS AWARDED TO AN  ELIGIBLE  REAL
PROPERTY  OWNER  PURSUANT TO THIS SECTION SHALL CEASE UPON REINSTATEMENT
OF THE FORECLOSED AFFECTED REAL  PROPERTY,  A  SETTLEMENT  OF  THE  DEBT
BETWEEN  THE ELIGIBLE PROPERTY OWNER AND LENDER, OR UPON A DETERMINATION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11919-02-5
              

A. 8376                             2

MADE BY THE COURT THAT THE ELIGIBLE REAL PROPERTY  OWNER  HAS  ABANDONED
THE  AFFECTED REAL PROPERTY PRIOR TO REINSTATEMENT OR A SETTLEMENT BEING
REACHED.
  (B)  NOTHING  IN THIS SUBDIVISION SHALL BE CONSTRUED SO AS TO PROHIBIT
THE LAWFUL TRANSFER OF REAL PROPERTY PRIOR TO A JUDGMENT OF SALE.
  4. DEFINITIONS.  AS USED IN THIS SECTION:
  (A) "ELIGIBLE REAL PROPERTY OWNER" SHALL MEAN AN INDIVIDUAL WHO  OWNED
AN  AFFECTED  PROPERTY  ON  OCTOBER  TWENTY-NINTH THROUGH THIRTIETH, TWO
THOUSAND TWELVE AND IS ELIGIBLE FOR ASSISTANCE  THROUGH  THE  NY  RISING
HOUSING RECOVERY PROGRAM.
  (B) "AFFECTED REAL PROPERTY" SHALL MEAN ANY TAX LOT LOCATED IN A COUN-
TY  INCLUDED  IN  FEMA DISASTER DECLARATION DR-4085 FOLLOWING SUPERSTORM
SANDY AND WHICH CONTAINED RESIDENTIAL REAL PROPERTY.
  (C) "STAY" SHALL MEAN THE COURT SUSPENDS PROCEEDINGS FOR A  PERIOD  OF
TIME  NECESSARY  FOR AN ELIGIBLE REAL PROPERTY TO REINSTATE THE AFFECTED
PROPERTY OR REACH A SETTLEMENT WITH A LENDER RELATING TO THE  DEBT  OWED
ON  THE AFFECTED PROPERTY. IN NO CIRCUMSTANCES SHALL THAT PERIOD OF TIME
EXCEED THIRTY-SIX MONTHS.
  (D) "NY RISING HOUSING RECOVERY PROGRAM" SHALL MEAN THE PROGRAM  OPER-
ATED  BY  THE  GOVERNOR'S  OFFICE OF STORM RECOVERY (GOSR) TO FACILITATE
HOME REHABILITATION AND RECOVERY FOR THOSE IMPACTED BY  CERTAIN  NATURAL
DISASTERS.
  S 2. This act shall take effect immediately.