NY Bill S4190 requires including name and telephone number of the mortgage servicer on residential foreclosure documents. The Bill has been delivered to the Governor after having passed the Senate and Assembly. The goal is to make it access to the information more available to the parties and to be at their fingertips. Additionally, making the servicer information available to municipalities to enforce maintenance of the property and reduce zombie properties.
The first section amends Real Property Actions and Proceedings Law 1321 to require the name and telephone number of the servicer to the Order of reference for 1-4 family residential properties. The second section amends Real Property Actions and Proceedings Law 1351 to require the name and telephone number for the servicer to the Judgment of Foreclosure and sale for 1-4 family residential properties. The final section requires that the Civil Practice Law 6511 be amended to require the name and telephone number for the service to the Lis Pendens for 1-4 family residential properties. If the bill becomes law, it will be effective immediately.
The Governor has 10 days (not including Sundays) to approve/sign or reject/veto bills passed by both houses. Signed bills become law, vetoed bills do not. If the Governor fails to take action within 10 days, the bill automatically becomes law. We continue to monitor NY Bill S4190 to determine the outcome and will keep you advised. If you have any questions please contact Deborah M. Gallo, Esq., Director of Operations at firstname.lastname@example.org.