Governor Andrew Cuomo has signed three measures enacting a package of sweeping homeowner protections.
The legislation includes enhancing consumer protection measures and closing loopholes to prevent deed fraud and mortgage scams (A.5615/S.1688); requiring banks to continue paying homeowner’s association fees on zombie properties that are part of a co-op (S.4182/A.1800); and safeguarding homeowners by reforming the obligations of banks and financial institutions during sale of a mortgage (A.92A/S.5017A).
“These measures enact sweeping protections for homeowners and close loopholes in order to level the playing field and preserve the American Dream for New Yorkers in every part of this great state,” Cuomo said. “With these new protections, we take one more step toward a fairer, stronger New York for all.”
