New York lawmakers are moving to boost protections for reverse-mortgage borrowers in foreclosure.
News Story (New York)
New York Post
August 27, 2016
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Tags: Housing: Mortgage
Organizations mentioned/involved: Legal Services for the Elderly in Queens (JASA)
Now Assemblywoman Helene Weinstein (D-Brooklyn) and Sen. Jeff Klein (D-Bronx/Westchester) have introduced bills aimed at providing second-mortgage holders with the same protections as first-mortgage borrowers.
There are two key changes. The first is written notification, including a notice with contact information for free nonprofit foreclosure-prevention assistance, to the borrower 90 days before the lender files a foreclosure case. In addition, the new law will mandate a settlement conference for borrower and lender to try to work out a deal under the watchful eye of a judge or court-appointed referee.