NY A07218

Requires foreclosing parties to provide residential mortgagors with a refinancing offer at the time foreclosure documents (summons and complaint) are served

Refinancing must be offered at the lowest interest rate the foreclosing party offered in the 30 days prior to foreclosure, regardless of the borrower's credit rating, income, assets, or payment history

Limits the refinancing offer requirement to one time per foreclosure proceeding or one time per property while owned by the same mortgagor

Applies only when the foreclosing party is a bank or financial institution that offers residential mortgages as part of regular business and is the sole holder of the mortgage

Takes effect 60 days after becoming law and applies to all residential foreclosures commencing on or after that date