New York State Assembly

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S07859 Summary:

BILL NO	S07859
SAME AS	No same as
SPONSOR	ADDABBO
COSPNSR
MLTSPNSR
Add S1392, RPAP L
Establishes a one year moratorium on actions to foreclose a mortgage.

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S07859 Actions:

BILL NO	S07859
10/17/2012	REFERRED TO RULES

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S07859 Floor Votes:

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S07859 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7859
 
                    IN SENATE
 
                                    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    § 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    § 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

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