NY Senate gives final passage to foreclosure prevention bill

KEN LOVETT

A bill to extend foreclosure prevention measures another five years won final legislative approval Tuesday.

The bill passed overwhelmingly by the Senate requires lenders to provide 90 days notice of foreclosure and mandates settlement conferences for all home loans in jeopardy of going into default.

"With nearly 30,000 New York City homeowners currently facing foreclosure, the extension of foreclosure notifications and settlement conferences are critical to keeping the vast majority of these homeowners in their homes,” Senate co-Leader Jeffrey Klein (D-Bronx) said

The bill, which had recently passed the Assembly, now goes to the governor to sign or veto.


Read more: http://www.nydailynews.com/blogs/dailypolitics/ny-senate-final-passage-foreclosure-prevention-bill-blog-entry-1.1824310#ixzz34GpMp11S