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History
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Full text
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Sponsor's memo
BILL NUMBER:S7859
Title of bill
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
Purpose
To enact a one year moratorium on foreclosures in New York State.
Summary of provisions
Provides for a one year moratorium on foreclosures, provided that the homeowner abides by the good faith agreement made with the bank or mort- gage holder.
Justification
Foreclosures have reached an all time high during the current economic recession. According to Realty Trac, Inc., there have been more than 54,000 homes in foreclosure over the past four years statewide. Today, one in ten residential mortgages in New York City is seriously delin- quent Queens County has among the highest percentages of seriously delinquent mortgages in New York City. Foreclosures create a vicious cycle of unemployment, deterioration of property values and economic activity in the community, and requires additional financial assistance from state and local government for a variety of services.
While the economy is slowly improving, it is imperative that responsible homeowners who make a good faith effort to pay their mortgages during times of unemployment have the opportunity to continue to own their homes. This legislation would impose a one year moratorium on foreclo- sures, provided that the homeowner maintains the mortgage payment agreed to as a result of negotiations with the bank or other mortgage holder. This will allow the hemorrhaging of foreclosures to cease while the economy recovers over the next year. This will allow New Yorkers to secure employment and get their finances back on track, which in turn will assist in stabilizing our state's economy.
Legislative history
New Bill.
Fiscal implications
None.
Local fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.