New York A07218 requires foreclosing parties in residential foreclosure actions to offer a refinancing opportunity to the mortgagor.

New York A07218 amends the real property actions and proceedings law to mandate that foreclosing parties in residential foreclosure actions offer a refinancing opportunity to the mortgagor. This offer must be made at the lowest interest rate offered by the foreclosing party within the thirty days prior to the foreclosure proceeding, regardless of the borrower's credit rating, income, assets, or payment history. The offer must be included with the summons and complaint when served upon the mortgagor or their agent.

New York A07218 requires foreclosing parties in residential foreclosure actions to offer a refinancing opportunity to the mortgagor.

New York A07218 amends the real property actions and proceedings law to mandate that foreclosing parties in residential foreclosure actions offer a refinancing opportunity to the mortgagor. This offer must be made at the lowest interest rate offered by the foreclosing party within the thirty days prior to the foreclosure proceeding, regardless of the borrower's credit rating, income, assets, or payment history. The offer must be included with the summons and complaint when served upon the mortgagor or their agent.