Bill Text: NY S03548 | 2025-2026 | General Assembly | Introduced
Bill Title: Provides that a judgment of sale as a result of an action to foreclose a mortgage shall direct the mortgaged premises to be sold within forty-five days of the date of the judgment.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2025-01-28 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03548 Detail]
Download: New_York-2025-S03548-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3548 2025-2026 Regular Sessions IN SENATE January 28, 2025 ___________ Introduced by Sen. BORRELLO -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property actions and proceedings law, in relation to the sale of a mortgaged premises after a judgment of sale has been entered The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 1351 of the real property actions 2 and proceedings law, as amended by chapter 269 of the laws of 2020, is 3 amended to read as follows: 4 1. The judgment shall direct that the mortgaged premises, or so much 5 thereof as may be sufficient to discharge the mortgage debt, the 6 expenses of the sale and the costs of the action, and which may be sold 7 separately without material injury to the parties interested, be sold by 8 or under the direction of the sheriff of the county, or a referee within 9 [ninety] forty-five days of the date of the judgment. The judgment shall 10 also include the name and telephone number of the mortgage servicer for 11 a plaintiff involving a mortgage foreclosure of a one- to four-family 12 residential property. 13 § 2. This act shall take effect on the one hundred eightieth day after 14 it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08087-01-5
