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New Law Expands Protection for Homeowners

Tuesday, December 15, 2009

Gov. Paterson has signed a bill that expands protections for New Yorkers facing foreclosure. The measure requires 90 days notice for lenders to foreclose on all home loans, not just subprime mortgages. It also imposes new filing requirements on lenders, and establishes protections for tenants in foreclosed properties.

Lois Aronstein, Director of AARP New York, says the new law will especially help seniors, who've been hit hard by foreclosures.

An AARP study finds that nationwide seniors account for 28 percent of mortgage delinquencies and foreclosures.

In New York the rate of foreclosures was down 11 percent in the first three months of the year compared to last year. Gov. Paterson credits New York's foreclosure prevention policies for this.

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