| New Foreclosure Prevention Law |
| Friday, 14 November 2008 22:31 |
| A new bill was signed into law in New York which adds some new measures directed towards foreclosure prevention. Lenders must now give homeowners 90 days notice before initiating foreclosure proceedings and also provide a list of approved foreclosure counseling providers. Lenders also have the obligation to make reasonable efforts to counsel homebuyers who are in jeopardy of defaulting. |