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History
- Advanced to third reading
- 2nd report cal.
- 1st report cal.484
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Permits one-time deferral of two monthly mortgage payments for the balance of the term on a residential mortgage; provides that the term be extended by such deferral
In Assembly Committee · Judiciary · Sponsor Alan Maisel
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property law, in relation to residential mortgage payment deferral right
Purpose or general idea of bill
This is to address the common problem among mortgagees who are having difficulty in making mortgage payments. This bill will allow a party, who is not more than two months behind on payments, the one time option to have the outstanding payments and costs added to the back end of their mortgage thusly, extending the mortgage by this amount, provided that they are ready, willing, and able to make the third payment and"all future payments for said mortgage timely.
Justification
Many times mortgagors are faced with a financial crisis such as temporary loss of employment, rent collection problems, or unexpected major debts which cause them to fall behind on their mortgage payments. If the mortgagee is more than thirty days late on mortgage payments the lender will often require that the late payment plus the current payment be paid immediately by certified funds. If the payment is not made by the third month the foreclosure process begins unless the party can make a full payment on all the moneys due including additional bank fees. This bill will create an opportunity for the party to begin making mortgage payments at their current level of payment while allowing the outstanding costs to be deferred to the conclusion of the mortgage rather than be due at the point of debt where the sum can often be insurmountable. This bill will greatly aid mortgagees and will cut back on the number of foreclosure proceedings.
Prior legislative history
2001-2002 A.5544 (SEDDIO) 2003-2004 A.1492 (SEDDIO) 2005 A.4321 (SEDDIO) 2006 A.11827 (MAISEL) 2008 A.7805
Fiscal implications
None.
Effective date
This act will take effect on the first of September next succeeding.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.