New York S04605 allows mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency.

New York S04605 amends the banking law to allow mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency. This applies to agreements executed during the period beginning on the date a state disaster emergency begins and ending thirty days after it ends. Qualified mortgagors, defined as those residing in New York with a principal dwelling encumbered by a home loan, can exercise this option if the agreement excludes the option of placing missed payments on the back-end or requires missed payments to be made up within less than twelve months.

New York S04605 allows mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency.

New York S04605 amends the banking law to allow mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency. This applies to agreements executed during the period beginning on the date a state disaster emergency begins and ending thirty days after it ends. Qualified mortgagors, defined as those residing in New York with a principal dwelling encumbered by a home loan, can exercise this option if the agreement excludes the option of placing missed payments on the back-end or requires missed payments to be made up within less than twelve months.