How Does New York State’s Newly Enacted RPAPL 1308 Help Homeowners Save


On June 23, 2016, Governor Andrew Cuomo signed into law Chapter 73 of the laws of New York 2016. The new law amends Real Property and Proceedings Law and Civil Practice Law and Rules relating to residential mortgage loan servicing and foreclosure actions. The new law was aimed at helping homeowners save their home and more effectively navigate the foreclosure process. The new law outlined in RPAPL 1308 is highlighted by the following:

  • There is an enhanced Mandatory Settlement Conference that outlines the rights and duties of the parties and clarifies how the foreclosure process works best to help homeowners save their home;
  • Consumer Bill of rights explicitly informs homeowners of their rights in foreclosure process to help homeowners retain their home;
  • Creation of the Community Restoration fund (CRF) to assist homeowners save their home by purchasing defaulted mortgage Notes and offer homeowners modifications to keep homeowners in their residences. CRF will have the ability to forgive a portion of a loan’s principal and make the loan affordable in areas where home values have declined or where a homeowner has experienced a decrease in income
  • In cases where homes are vacant, CRF will offer a mechanism to expeditiously complete a foreclosure and work with land banks, Community Development Financial Institutions, and other local nonprofits to rehabilitate properties and resell them to new buyers.
  • This investment includes more than $100 million in available funds to help new homebuyers purchase and renovate “Zombie” properties and support existing low- and middle-income homeowners with major repairs and renovations.
  • Imposes a duty on Banks and Servicers to maintain Zombie homes, vacant and abandoned properties.

Contact A New York Foreclosure Defense Attorney

A homeowner is well served to be mindful of the new law outlined in RPAPL 1308 to improve their chances of staving off foreclosure. Our office zealously fights on behalf of homeowners and guides them through all stages of the maze-like foreclosure process. Contact our office immediately if you need assistance and wish to save your home. Call us at 1-800- 985-9007.