New York law requires homeowners' associations to notify owners 90 days before foreclosing on unpaid common charges.

The bill amends New York's real property law to mandate that homeowners' associations or condominium boards provide a 90-day notice to unit owners before initiating foreclosure to enforce a lien for unpaid common charges, assessments, fines, or fees. The notice must be in fourteen-point type and include the property address and the specific amount due. The law also allows the board of managers to bid on the unit at foreclosure sale and acquire, lease, mortgage, or convey the property.

New York law requires homeowners' associations to notify owners 90 days before foreclosing on unpaid common charges.

The bill amends New York's real property law to mandate that homeowners' associations or condominium boards provide a 90-day notice to unit owners before initiating foreclosure to enforce a lien for unpaid common charges, assessments, fines, or fees. The notice must be in fourteen-point type and include the property address and the specific amount due. The law also allows the board of managers to bid on the unit at foreclosure sale and acquire, lease, mortgage, or convey the property.