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NY A01611
Bill
Status
1/11/2021
Primary Sponsor
Robert Carroll
Click for details
AI Summary
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Banking institutions must make forbearance applications widely available to mortgagors demonstrating financial hardship from COVID-19, including those already in arrears, on trial period plans, or who have applied for loss mitigation
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Banking institutions must grant forbearance for at least one year to mortgagors with demonstrated COVID-19 related financial hardship
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Banking institutions must extend the loan term for the length of the forbearance period
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Compliance with forbearance requirements is a condition precedent to commencing a foreclosure action based on missed payments subject to this section
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Interest collected on mortgages granted forbearance in the final year of the loan shall not be taxable income for the banking institution
Legislative Description
Requires the forbearance of residential mortgage payments for any mortgagor who demonstrates financial hardship as a result of the COVID-19 pandemic for one year.
Last Action
referred to banks
1/5/2022