Bill Text: NY A09981 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 9981 (Prior Session Legislation)

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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-05-02 - referred to housing [A09981 Detail]

Download: New_York-2015-A09981-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          9981
                   IN ASSEMBLY
                                       May 2, 2016
                                       ___________
        Introduced  by  M.  of  A.  RICHARDSON  -- 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    § 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    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08685-01-5