New York A10665 prohibits mortgagees from refusing partial mortgage payments that do not bring the mortgagor current on their debt.
New York A10665 amends the real property law by adding a new section 254-e, which prohibits mortgagees from refusing to accept partial mortgage payments from mortgagors, provided these payments do not bring the mortgagor current on their mortgage debt. This provision ensures that mortgagees cannot reject partial payments that do not fully satisfy the outstanding debt. The act is set to take effect 30 days after becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.