Tuesday, September 13, 2016

PROPOSED RULES ON REVERSE MORTGAGE FORECLOSURE



Last month, New York Assemblywoman Helene Weinstein (D-Brooklyn) and Senator Jeff Klein (D-Bronx/Westchester) announced the introduction of legislation (A10745/S8177). The bill will provide reverse mortgage homeowners with the consumer protections given to other homeowners currently not included in many of the protections of New York State’s residential foreclosure prevention laws such as notices to reverse mortgage borrowers 90 days in advance of filing a foreclosure action against the homeowner, including a notice containing contact information to free non-profit resources to help negotiate a resolution early in efforts to avert the filing of a foreclosure action and homeowners would also be entitled to in-person mandatory residential foreclosure settlement conferences with the foreclosing entities under court oversight.

See https://www.nysenate.gov/legislation/bills/2015/s8177/amendment/original

No comments:

Post a Comment