Directs how certain valuations and computations of the amount due are calculated in certain foreclosure actions.

This bill amends the real property actions and proceedings law to establish a standard for the valuation date used in foreclosure sales. It specifies that the valuation date for calculating the amount due is the date the property is bid on at public auction, unless the court orders a different date for good cause. The referee must reflect all sums owing under the note and mortgage as of the valuation date, including unpaid principal balance, accrued interest, advances for taxes, insurance, and property preservation, contractual fees and charges, and court-approved costs and disbursements.

Directs how certain valuations and computations of the amount due are calculated in certain foreclosure actions.

This bill amends the real property actions and proceedings law to establish a standard for the valuation date used in foreclosure sales. It specifies that the valuation date for calculating the amount due is the date the property is bid on at public auction, unless the court orders a different date for good cause. The referee must reflect all sums owing under the note and mortgage as of the valuation date, including unpaid principal balance, accrued interest, advances for taxes, insurance, and property preservation, contractual fees and charges, and court-approved costs and disbursements.