Bill Text: NY S07859 | 2011-2012 | 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) 2012-10-17 - REFERRED TO RULES [S07859 Detail]

Download: New_York-2011-S07859-Introduced.html

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                           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:
    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.
                                                                  LBD16520-01-2