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New York State’s New Foreclosure Law

New York State is one step closer to providing relief for homeowners facing foreclosure.

In December of 2009, Governor David A. Paterson signed comprehensive foreclosure legislation providing protections to New York State residents facing foreclosure. The legislation builds upon Governor Paterson’s subprime lending reform law that was enacted last year,

Now all homeowners currently at risk of foreclosure have the same protections and, under this landmark legislation, the negative impact that foreclosures have on communities across the state is minimized.

It includes provisions that require mandatory settlement conferences and prevents tenants from being evicted prematurely as steps to stem the loss of a home.

This legislation is of particular interest to AARP. A recent AARP Public Policy Institute study found homeowners age 50 or older represent 28 percent of all delinquencies and foreclosures of primary mortgages.

The impact of foreclosure or loss of a home is often more significant for older households, which have less time and fewer resources to recover financially.

“Older homeowners have been hit hard by the mortgage crisis. Unfortunately, when older people lose their homes, it is a financial loss from which many will not recover,” said Lois Aronstein, AARP New York State Director. “This legislation will not only help older New Yorkers but all homeowners in this state.”

For more information on this new law or resources for consumers facing foreclosure visit the New York State Department of Banking website.

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