Bill > S04605

This bill allows homeowners in New York who took out forbearance agreements during a state disaster emergency (such as the COVID-19 pandemic) to cancel or renegotiate those agreements under certain conditions. Specifically, the bill applies to qualified mortgagors (individual homeowners with primary residences) who have home loans serviced by regulated New York financial institutions. The bill provides protections for borrowers with forbearance agreements that either exclude the option of adding missed payments to the end of the loan term or require full repayment of missed payments in less than 12 months. Borrowers can request to cancel or modify such agreements during a "covered period" that extends 30 days beyond the end of the state disaster emergency. The bill does not apply to mortgage loans backed by federal agencies, government-sponsored enterprises, or federal home loan banks. The primary goal is to provide additional financial flexibility for homeowners who may have struggled during emergency periods like the COVID-19 pandemic by giving them more options for managing their mortgage payments.

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https://www.nysenate.gov/legislation/bills/2025/S4605