New York proposes 1-year moratorium on foreclosures

Legislation that would give some New Yorkers facing foreclosure a one-year reprieve has passed the state assembly as part of a package of four bills aimed at stemming foreclosures.

Assembly Bill 9695 [1] would allow courts to impose a one-year moratorium on foreclosures in cases where borrowers can establish they live in the home subject to foreclosure, own no other property, have a subprime mortgage, and can continue to make reduced payments designed to preserve the lender’s financial position while they negotiate for a loan modification.

Can you imagine being the LENDER on one of these loans? The government is saying you don’t deserve to get your loan repaid – how obnoxious! A great example of stupid do-gooders making it so people will never want to lend again. Like I say… It pays to be irresponsible in today’s illogical world.

Source: Inman News

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