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A3636Assembly2017-2018 Session

Pause Mortgage Foreclosures One Year

Official title

“Establishes a one year moratorium on actions to foreclose a mortgage”

Sponsor Jeffrion AubryAD-35Affects Legal
Status
In Assembly Committee
Judiciary
Impact
8/10
Significant
Passage
0%

Bill progress

Step 2 of 7

In committee · Judiciary

What's happening

This bill establishes a one-year moratorium on mortgage foreclosure actions in New York and requires good faith negotiations between mortgagors and mortgagees.

Why it matters

  1. Temporarily halting foreclosure actions gives homeowners a critical window to stabilize their finances. , which could help prevent a surge in homelessness or forced displacement during economic hardships.

  2. Requiring good faith negotiations between borrowers and lenders encourages customized repayment solutions. , potentially allowing struggling homeowners to keep their homes while ensuring lenders can recover at least part of their investment.

  3. The moratorium is not unconditional—borrowers must actively participate in negotiations and adhere to any new payment agreements. or they lose the protection, which incentivizes responsible engagement rather than simply delaying consequences.

  4. This approach shifts some power toward homeowners during crises, possibly setting a precedent for how New York and other states handle future economic downturns or housing crises.

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Who cares

Headline styles

Pause Mortgage Foreclosures One Year

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Jeffrion Aubry

Assembly Member · Assembly District 35

No co-sponsors yet.

History

  1. Referred to judiciary
  2. Referred to judiciary

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

3636

2017-2018 Regular Sessions

IN ASSEMBLY

January 30, 2017

Introduced by M. of A. AUBRY -- 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 Assembly, do enact as follows:

Section 1. The real property actions and proceedings law is amended by adding a new section 1392 to read as follows:

§ 1392. Moratorium on actions to foreclose a mortgage. 1. Beginning on the effective date of this section and ending one year after such date, no action to foreclose a mortgage on real property located in this state shall be brought pursuant to this article in any court in this state.

2. Any mortgagor in this state who owns property in this state that would otherwise be subject to an action to foreclose such mortgage pursuant to this article shall enter into good faith negotiations with the mortgagee of such mortgage to negotiate terms for repayment of the loan secured by such mortgage. Upon agreement of such terms, such mortgagor shall make payments to such mortgagee according to such agreement. Failure by such mortgagor to make payments pursuant to such agreement shall constitute a waiver by such mortgagor of the moratorium protections set forth in subdivision one of this section.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD08246-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.