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.
Establishes the senior homeowner foreclosure and rehabilitation revolving loan program to permit the New York state mortgage agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible senior homeowners for eligible assistance; directs SONYMA to prioritize senior homeowners at imminent risk of foreclosure; properties with essential systems in need of immediate repair or replacement, including heating and boilers; and senior homeowners with documented financial hardship that limits their ability to maintain the property or make mortgage payments.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on such mortgagor's mortgage debt.