Senate Bill S7859

2011-2012 Legislative Session

Establishes a one year moratorium on actions to foreclose a mortgage

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S7859 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1392, RPAP L
Versions Introduced in 2013-2014 Legislative Session:
S2958

2011-S7859 (ACTIVE) - Summary

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

2011-S7859 (ACTIVE) - Sponsor Memo

2011-S7859 (ACTIVE) - Bill Text download pdf 

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

                                  7859

                            I N  S E N A T E

                            October 17, 2012
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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.
                                                           LBD16520-01-2

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