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.
Prohibits disclosure, under the freedom of information law, of information provided by mortgagees to the department of housing preservation and development of the city of New York relating to residential real property foreclosures.
Requires a stay of certain foreclosure proceedings where the mortgagor has applied for coverage under the New York state homeowner assistance fund or any local program administering federal emergency mortgage assistance program funds; allows such foreclosure proceedings to proceed against a mortgagor who has caused significant damage to the property.
Relates to the rights of parties involved in foreclosure actions; relates to the effect of discontinuance of actions based upon certain instruments related to real property.
Relates to the language which must be included in mortgage foreclosure notices; requires lenders, assignees, and mortgage loan servicers to evidence strict compliance with such notice requirements.