Bill > A01651

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 30 days prior to the commencement of the foreclosure proceeding, regardless of the borrower's credit rating, income, assets, or payment history. The foreclosing party is only required to make this offer once per foreclosure proceeding or once per property while owned by the same mortgagor, and the law only applies when the foreclosing party is a bank or financial institution that offers mortgages as part of its regular business. The bill will take effect 60 days after becoming law and apply to all residential foreclosures commencing on or after that date.

Justice

https://www.nysenate.gov/legislation/bills/2021/A1651