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NY Legislature passes foreclosure protection bill

NY Legislature passes foreclosure protection bill

ALBANY, N.Y. (AP) — Legislation extending a series of protections for homeowners facing foreclosure is heading to Gov. Andrew Cuomo.

Under the bill, lenders will have to give homeowners 90 days’ notice of foreclosure and offer mandatory settlement conferences.

The protections were first enacted in 2009 but were set to expire in February unless lawmakers voted to extend them.

The New York state Senate passed the measure Tuesday. The Assembly passed the bill last week.

Senate co-leader Jeffrey Klein, a Democrat, says the requirements in the bill are critical to helping the nearly 30,000 New York City homeowners facing foreclosure.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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