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NY A00722
Bill
Status
1/9/2017
Primary Sponsor
Nick Perry
Click for details
AI Summary
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Banks and financial institutions must continue mortgage modification processes to completion regardless of whether the mortgage is sold, transferred, or bundled into a security package during negotiations.
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If a mortgage is sold or transferred during the modification process, it shall be automatically deemed modified according to the original modification application, and the purchaser must accept and be bound by those terms including the interest rate.
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The purchaser of a sold mortgage must assume all rights and responsibilities necessary to comply with the modified loan terms.
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These provisions apply only to mortgage loans that are three months or older at the time of the modification process.
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The act takes effect 90 days after becoming law.
Legislative Description
Requires banks and financial institutions entering into negotiations to modify a mortgage on real property located in this state to be responsible for the continuation of the modification process until its completion regardless of whether the mortgage is sold.
Last Action
referred to banks
1/3/2018