NY S07859

Establishes a one-year moratorium on all mortgage foreclosure actions in New York State courts, effective immediately upon passage and lasting one year from the effective date

Requires mortgagors (homeowners) in default to enter into good faith negotiations with mortgagees (lenders) to negotiate repayment terms during the moratorium period

Mortgagors must make payments according to any negotiated repayment agreement reached with their lender

Failure by a mortgagor to make payments under a negotiated agreement constitutes a waiver of moratorium protections, allowing foreclosure proceedings to resume