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Assembly Bill A9939

2017-2018 Legislative Session

Relates to the duty of the mortgagee or its loan servicing agent to maintain property secured by delinquent mortgage

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Archive: Last Bill Status - In Assembly Committee

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2017-A9939 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1307, RPAP L

2017-A9939 (ACTIVE) - Summary

Requires the mortgagee or its loan servicing agent to maintain property secured by delinquent mortgage, including payment of homeowner's fees for cooperative apartments and condominiums which are vacant and abandoned.

2017-A9939 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9939
 
                           I N  A S S E M B L Y
 
                             February 27, 2018
                                ___________
 
 Introduced by M. of A. MURRAY -- read once and referred to the Committee
   on Judiciary
 
 AN  ACT  to  amend  the  real  property  actions and proceedings law, in
   relation to the duty of the mortgagee or its loan servicing  agent  to
   maintain property secured by delinquent mortgage
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1307 of the real property actions  and  proceedings
 law,  as added by chapter 507 of the laws of 2009, is amended to read as
 follows:
   § 1307. Duty to maintain [foreclosed] property SECURED  BY  DELINQUENT
 MORTGAGE.   1. [A plaintiff in a mortgage foreclosure action who obtains
 a judgment of foreclosure and sale pursuant to section thirteen  hundred
 fifty-one  of  this  article,  involving  residential  real property, as
 defined in section thirteen  hundred  five  of  this  article,  that  is
 vacant,  or  becomes  vacant  after the issuance of such judgment, or is
 abandoned by the mortgagor but occupied by a tenant] (A) WITH RESPECT TO
 A MORTGAGE LOAN SECURED BY RESIDENTIAL REAL PROPERTY, as  defined  under
 section  thirteen  hundred  five of this article, OR RESIDENTIAL COOPER-
 ATIVE APARTMENTS OR RESIDENTIAL COOPERATIVE CONDOMINIUMS WHERE THE PROP-
 ERTY IS "VACANT AND ABANDONED" AS  DEFINED  IN  PARAGRAPH  (B)  OF  THIS
 SUBDIVISION OR A FORECLOSURE ACTION HAS BEEN COMMENCED AGAINST THE PROP-
 ERTY  BECAUSE THE MORTGAGOR HAS FAILED TO MAINTAIN THE PROPERTY OR WHERE
 A JUDGMENT OF FORECLOSURE UNDER SECTION THIRTEEN  HUNDRED  FIFTY-ONE  OF
 THIS  ARTICLE  HAS BEEN OBTAINED ON THE PROPERTY THAT HAS BEEN ABANDONED
 BY  THE  MORTGAGOR  BUT  REMAINS  OCCUPIED  BY  A  TENANT  LAWFULLY   IN
 POSSESSION,  THE  MORTGAGEE  OR  ITS LOAN SERVICING AGENT shall maintain
 such property until such time as ownership has been transferred  through
 the  closing of title in foreclosure, or other disposition, and the deed
 for such property has been duly recorded; provided, however, that  if  a
 municipality or governmental entity holds a mortgage [subordinate to one
 or more mortgages] on the residential real property, the municipality or
 governmental  entity  shall  not  be subject to the requirements of this
 section.  THE MORTGAGEE OR ITS LOAN SERVICING AGENT'S DUTY  TO  MAINTAIN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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