New York Enacts Provisions Regarding Foreclosure of Reverse Mortgage

December 17, 2020

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New York Senate Bill 4408 requires an authorized lender which seeks to foreclose upon a reverse mortgage to provide notice to the department of financial services and to the mortgagor, directs the department of financial services to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure, and prohibits authorized lenders from making advance payment of debts upon the mortgaged real property; effective April 14, 2021.

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