Allows for mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency

This bill allows New York homeowners with certain home loans to cancel or change their mortgage forbearance agreements if those agreements were signed during a state disaster emergency (like the pandemic) and contain specific restrictive terms. It applies to qualified homeowners whose primary residence is mortgaged by a New York-regulated bank or mortgage servicer, and requires those institutions to offer renegotiation if the forbearance agreement: (1) doesn't let missed payments be added to the end of the loan, or (2) demands full payment within less than 12 months. The bill excludes federal mortgage programs (like FHA, Fannie Mae) and their servicers. It takes effect immediately upon enactment.