Bill Text: NY A05665 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to Superstorm Sandy real property foreclosure relief.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to judiciary [A05665 Detail]

Download: New_York-2017-A05665-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5665
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 14, 2017
                                       ___________
        Introduced by M. of A. CURRAN -- read once and referred to the Committee
          on Judiciary
        AN  ACT  to amend the real property law, in relation to Superstorm Sandy
          real property foreclosure relief
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  real property law is amended by adding a new section
     2  283 to read as follows:
     3    § 283. Superstorm Sandy real property  foreclosure  relief.    1.  (a)
     4  Notwithstanding  any  provision  of general, special or local law to the
     5  contrary, an eligible real property  owner  of  affected  real  property
     6  damaged  as  a  result  of  Superstorm Sandy may, upon commencement of a
     7  mortgage foreclosure action pursuant to article  thirteen  of  the  real
     8  property  actions  and  proceedings  law,  make application to the court
     9  having jurisdiction  over  the  action  for  a  temporary  stay  in  the
    10  proceedings.
    11    (b)  A  court receiving an application for a stay of mortgage foreclo-
    12  sure proceedings pursuant to this section may, in its discretion,  grant
    13  such  a  stay  not exceeding thirty-six months following a determination
    14  that an applicant is an eligible real property owner entitled to such  a
    15  stay as defined in this section.
    16    2.  (a)  An  eligible real property owner shall remain responsible for
    17  all property taxes and fees incurred or due during a court ordered  stay
    18  of foreclosure proceedings pursuant to this section.
    19    (b)  An eligible real property owner shall maintain such affected real
    20  property during a court ordered stay of foreclosure proceedings pursuant
    21  to this section.
    22    3. (a) A stay of foreclosure proceedings awarded to an  eligible  real
    23  property  owner  pursuant to this section shall cease upon reinstatement
    24  of the foreclosed affected real  property,  a  settlement  of  the  debt
    25  between  the eligible property owner and lender, or upon a determination
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09853-01-7
        A. 5665                             2
     1  made by the court that the eligible real property  owner  has  abandoned
     2  the  affected real property prior to reinstatement or a settlement being
     3  reached.
     4    (b)  Nothing  in this subdivision shall be construed so as to prohibit
     5  the lawful transfer of real property prior to a judgment of sale.
     6    4. Definitions.  As used in this section:
     7    (a) "Eligible real property owner" shall mean an individual who  owned
     8  an  affected  property  on  October  twenty-ninth through thirtieth, two
     9  thousand twelve and is eligible for assistance  through  the  NY  Rising
    10  Housing Recovery Program.
    11    (b) "Affected real property" shall mean any tax lot located in a coun-
    12  ty  included  in  FEMA disaster declaration DR-4085 following Superstorm
    13  Sandy and which contained residential real property.
    14    (c) "Stay" shall mean the court suspends proceedings for a  period  of
    15  time  necessary  for an eligible real property to reinstate the affected
    16  property or reach a settlement with a lender relating to the  debt  owed
    17  on  the affected property. In no circumstances shall that period of time
    18  exceed thirty-six months.
    19    (d) "NY Rising Housing Recovery Program" shall mean the program  oper-
    20  ated  by  the  Governor's  Office of Storm Recovery (GOSR) to facilitate
    21  home rehabilitation and recovery for those impacted by  certain  natural
    22  disasters.
    23    § 2. This act shall take effect immediately.