Albany overhauls foreclosure laws

June 20, 2008 08:08AM

Governor David Paterson and the stage legislature have reached a deal that overhauls state foreclosure laws. Lenders will be required to contact borrowers at least 90 days before starting foreclosure proceedings and are legally obligated to determine whether an applicant can repay a loan. Another provision says lenders must meet with the borrower facing foreclosure.


Comments are closed.