Bill > S08595

This bill modifies the Real Property Actions and Proceedings Law to standardize how referees calculate and document amounts due in foreclosure proceedings. Specifically, when a referee computes the amount due, they must now: (a) reflect all sums owed as of the judgment date, (b) create a detailed itemized computation approved by the chief administrative judge that breaks down unpaid principal, accrued interest, tax and insurance advances, contractual fees, and court-approved costs, and (c) only include items supported by admissible documentation from the foreclosing plaintiff. Additionally, the bill establishes that for foreclosure sales, the valuation date for calculating debt amounts, deficiencies, or surplus distributions will be the date the property is bid on at public auction, unless the court specifically orders a different date for good cause. This legislation aims to increase transparency and standardization in the foreclosure process by requiring more detailed and documented calculations of amounts owed. The bill will take effect 90 days after becoming law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S8595