Klein/Weinstein Bill Extending Critical Foreclosure Protections for Homeowners Signed into Law by Governor Cuomo

On the final day of the legislative session, Senator Jeffrey Klein and Assemblywoman Helene Weinstein announced that Governor Cuomo signed into law legislation extending vital foreclosure prevention measures and homeowner protections for an additional five years beyond the February 2015 expiration date. The Senate approved the measure 56 – 1 on June 10th and the Assembly passed it on June 2nd. 

This law will extend the requirement for lenders to provide 90 notice of foreclosure and mandatory settlement conferences for all home loans. An expiration of these protections would have meant that tens of thousands of New York homeowners in pre-foreclosure were in serious danger of losing their homes. The legislation was signed into law by Governor Cuomo Thursday, June 19th.

“As the legislative session comes to a close, I am thrilled that the nearly 30,000 New York City homeowners currently facing foreclosure are guaranteed these important foreclosure protections that will keep them in their homes,” said Senator Klein.  “Staving off foreclosure benefits entire communities by preventing foreclosed homes from bringing down property values and making our neighborhoods unsafe.”

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