Bill Text: NY A02863 | 2013-2014 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Strong Partisan Bill (Democrat 10-1)
Status: (Introduced - Dead) 2014-01-08 - referred to housing [A02863 Detail]
Download: New_York-2013-A02863-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2863
2013-2014 Regular Sessions
I N A S S E M B L Y
January 18, 2013
___________
Introduced by M. of A. CLARK, BENEDETTO, COLTON, RIVERA, ROBINSON, HOOP-
ER -- Multi-Sponsored by -- M. of A. BOYLAND, COOK, KOLB, MAISEL,
SWEENEY, THIELE, WEISENBERG -- 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:
1 Section 1. The real property actions and proceedings law is amended by
2 adding a new section 1352-a to read as follows:
3 S 1352-A. RIGHT OF REDEMPTION IN AN ACTION TO FORECLOSE A MORTGAGE ON
4 A RESIDENCE. AT ANY TIME WITHIN ONE YEAR FROM THE TIME OF THE ENTERING
5 OF A JUDGMENT IN AN ACTION TO FORECLOSE A MORTGAGE, THE MORTGAGOR, IF
6 THE REAL PROPERTY FORECLOSED IS THE RESIDENCE OF THE MORTGAGOR, MAY CURE
7 THE INDEBTEDNESS BY PAYING THE AMOUNT OF MONEYS SPECIFIED IN THE JUDG-
8 MENT PLUS THE REASONABLE EXPENSES OF THE PROCEEDING TO FORECLOSE
9 INCURRED TO THE TIME OF TENDER, INCLUDING REASONABLE ATTORNEY'S FEES OF
10 THE MORTGAGEE.
11 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06675-01-3
