Bill > S00337

This bill amends the Real Property Actions and Proceedings Law to require the foreclosing party in a residential foreclosure action to offer the mortgagor an opportunity to refinance the mortgage. The refinancing offer must be at the lowest interest rate offered by the foreclosing party within the 30 days prior to the foreclosure proceeding, and must be offered regardless of the borrower's credit rating, income, assets, or payment history. The refinancing offer requirement only applies when the foreclosing party is a bank or financial institution that regularly offers mortgages for residential properties and is the sole holder of the mortgage on the property. The bill will take effect 60 days after it becomes law and will apply to all residential foreclosure actions commencing on or after that date.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/S337