Good News in NY

For homeowners in New York state facing foreclosure, there is a somewhat merrier holiday season today. Governor Paterson has just signed a bill providing additional protections for both homeowners facing foreclosure and tenants living in homes about to be foreclosed upon. In the former case, lenders will have to provide mandatory settlement conferences to attempt to work out an alternative to the actual foreclosure before they can proceed to foreclosure. In the latter case, tenants, any tenant living in a property being foreclosed will be permitted to remain in the property for the longer of 90 days or the remaining term of the lease. Good news for all concerned!