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NY passes new foreclosure protections
Quick ReadThe bill expands the mandatory 90-day pre-foreclosure notice to all types of home loans.
Photo credit: Getty Images | Amid an increase in foreclosures on FHA-backed loans, the federal agency plans changes designed to bring in more revenue while keeping loans available.
ALBANY, N.Y. (AP) — The state Legislature has passed a bill thatwill give New York state homeowners and renters more protection during foreclosures.
It will expand the mandatory 90-day pre-foreclosure notice to all types of home loans — not just subprime mortgages — so all homeowners are given information and time to take action.
Gov. David Paterson introduced the bill. It will allow...
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