This bill exempts veteran first-time homebuyers from paying the mortgage recording tax in New York. It directly affects veterans who are purchasing their first home, as defined under New York's veterans' services law. The key provision adds a new exemption to the tax law, removing the tax requirement for mortgages executed by this specific group. The change applies immediately upon the bill's enactment.
This New York state bill (S 3737) protects homeowners from being misled into signing away their property to mortgage servicers. It requires all property transfer deeds to include explicit, bold warning language stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME," accompanied by a notarized signature line from the homeowner. Failure to include this warning makes the transfer invalid and could result in a class E felony charge for the party involved. The bill also explicitly prohibits mortgage servicers from claiming ownership through deed transfers during mortgage modifications, and authorizes the state banking department to investigate suspected fraudulent transfers.
Establishes provisions for real property tax lien transfers to assist homeowners facing foreclosure based on unpaid taxes; repeals existing provisions relating to acceptance of taxes from certain loan corporations.
This bill (S 618) prohibits lenders from blocking a borrower’s access to funds in a credit line mortgage when the borrower is current on payments. It directly affects homeowners with existing credit line mortgages who might have faced sudden loss of access to their available funds. The key provision requires lenders to maintain access to these funds for on-time borrowers, removing the ability to revoke or restrict access solely due to the borrower’s current payment status. The law amends New York’s Banking Law and Real Property Law to enforce this requirement, effective immediately.
Provides that a default judgment against a defendant in a foreclosure action does not need to be vacated in order for the defense of lack of standing or expiration of the statute of limitations to be raised by the defendant.
This bill prohibits lenders from cutting off access to funds in home equity lines of credit (HELOCs) when borrowers are making timely payments. It directly affects homeowners who use HELOCs for residential financing by ensuring lenders cannot arbitrarily block their access to available credit. The law amends two state laws to explicitly state that lenders must maintain borrower access to these credit lines as long as payments are current. This creates a clear, enforceable requirement for lenders regarding a common type of residential mortgage product.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on his or her mortgage debt.
Authorizes the dormitory authority to provide financing to the Dutchess Community College Association, Inc. for the construction of facilities for the purpose of financing or refinancing the acquisition, design, construction, reconstruction, rehabilitation, improvement, furnishing and equipping of, or otherwise providing for residential housing located on the campus of Dutchess Community College.
This bill requires banks or financial institutions (as the sole mortgage holder) to offer homeowners a refinancing option when initiating a residential foreclosure. Specifically, the lender must provide an offer to refinance at their lowest interest rate from the prior 30 days, regardless of the homeowner's credit, income, or payment history. The offer must be included with the foreclosure notice and cannot be required more than once per foreclosure or per property for the same homeowner. It applies only to lenders offering residential mortgages as part of their regular business.
Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.
