Permits a one-time deferral of two consecutive monthly mortgage payments for the balance of the term of the mortgage on a residential mortgage; provides that the mortgage term be automatically extended by the period of such deferral and that the amount of monthly payments remain the same and not be recalculated.
STATE OF NEW YORK
________________________________________________________________________
6259
2011-2012 Regular Sessions
IN ASSEMBLY
March 11, 2011
___________
Introduced by M. of A. MAISEL -- read once and referred to the Committee
on Judiciary
AN ACT to amend the real property law, in relation to residential mort-
gage payment deferral right
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property law is amended by adding a new section
2 283 to read as follows:
3 § 283. Residential mortgage payment deferral right. 1. As used in
4 this section, the term "residential mortgage" means a mortgage on real
5 property containing, or cooperative shares assigned to, one or more
6 dwelling units used for residential purposes.
7 2. Upon giving at least thirty days written notice to the mortgagee,
8 every mortgagor who is a party to a residential mortgage shall be enti-
9 tled to a one-time deferral of up to two consecutive monthly payments
10 due on the mortgage until the end of the term of the mortgage. If this
11 entitlement is claimed by giving the requisite notice, the term of such
12 residential mortgage shall be automatically extended by the period of
13 such payment deferral and the amount of the monthly payments due on the
14 mortgage shall remain the same and not be recalculated.
15 3. The provisions of this section shall be deemed incorporated into
16 the provisions of every residential mortgage executed on or after the
17 effective date of this section.
18 4. The provisions of this section shall be deemed an act of legisla-
19 tive grace and a matter of effectuating the public policy of this state.
20 § 2. This act shall take effect on the first of September next
21 succeeding the date on which it shall have become a law and shall apply
22 to residential mortgages as defined in section 283 of the real property
23 law, as added by section one of this act, executed on or after the
24 effective date of this act.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07981-01-1
