Bill Text: NY A03325 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes a one year moratorium on actions to foreclose a mortgage.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-01-06 - referred to judiciary [A03325 Detail]

Download: New_York-2015-A03325-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3325
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 22, 2015
                                      ___________
       Introduced by M. of A. WRIGHT -- read once and referred to the Committee
         on Judiciary
       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:
    1    Section 1. The real property actions and proceedings law is amended by
    2  adding a new section 1392 to read as follows:
    3    S 1392. MORATORIUM ON ACTIONS TO FORECLOSE A MORTGAGE. 1. BEGINNING ON
    4  THE  EFFECTIVE DATE OF THIS SECTION AND ENDING ONE YEAR AFTER SUCH DATE,
    5  NO ACTION TO FORECLOSE A MORTGAGE ON REAL PROPERTY LOCATED IN THIS STATE
    6  SHALL BE BROUGHT PURSUANT TO THIS ARTICLE IN ANY COURT IN THIS STATE.
    7    2. ANY MORTGAGOR IN THIS STATE WHO OWNS PROPERTY IN  THIS  STATE  THAT
    8  WOULD  OTHERWISE  BE  SUBJECT  TO  AN  ACTION TO FORECLOSE SUCH MORTGAGE
    9  PURSUANT TO THIS ARTICLE SHALL ENTER INTO GOOD FAITH  NEGOTIATIONS  WITH
   10  THE  MORTGAGEE  OF SUCH MORTGAGE TO NEGOTIATE TERMS FOR REPAYMENT OF THE
   11  LOAN SECURED BY SUCH MORTGAGE. UPON AGREEMENT OF SUCH TERMS, SUCH  MORT-
   12  GAGOR SHALL MAKE PAYMENTS TO SUCH MORTGAGEE ACCORDING TO SUCH AGREEMENT.
   13  FAILURE  BY  SUCH  MORTGAGOR TO MAKE PAYMENTS PURSUANT TO SUCH AGREEMENT
   14  SHALL  CONSTITUTE  A  WAIVER  BY  SUCH  MORTGAGOR  OF   THE   MORATORIUM
   15  PROTECTIONS SET FORTH IN SUBDIVISION ONE OF THIS SECTION.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04765-01-5