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New Legislation in New York to Protect Homeowners - Fazzio Law

Posted on Jun 30, 2013

The state government is taking steps to protect homeowners from problems related to home foreclosure in New York. The Certificate of Merit bill and the Foreclosure Fraud Prevention Act have already been passed in the New York Assembly and are awaiting Senate action. The legislation was proposed by State Attorney General Eric Schneiderman and seeks to protect New York homeowners facing foreclosure from careless, irresponsible, or criminal behavior.

According to a press release from the Attorney General, the Certificate of Merit bill would ensure homeowners have a chance to participate in court-supervised mediation sessions that could help them keep their homes. The Foreclosure Fraud Prevention Act would impose criminal penalties on residential mortgage lenders, servicers, and their agents who intentionally engage in fraudulent or deceptive conduct in the preparation, execution, or filing of false foreclosure documents.

State Senate co-leader Jeff Klein, who is actively involved in this legislation, told reporters, "The best way we can keep a homeowner in their home is by having them sit down with the bank, with the financial institution, with the counsel, with a lawyer and work out a settlement... Nobody benefits from foreclosure. And I think it's incumbent upon us to make sure that we force the banks to make sure they put a homeowner in a mortgage they can afford."

Klein also noted, "Any family that is facing the loss of their home deserve a fair day in court. But right now, unnecessary delays and incomplete paperwork are denying thousands of families this opportunity every day. These reforms can help change all of that, by ending the stalemate and bringing these homeowners the peace of mind that they deserve. That's why I'm proud to support these measures and look forward to ushering them through the Senate."

You can learn more about New York's efforts to support families involved in the foreclosure crisis by visiting www.AGHomeHelp.com.

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