NY Homeowners Brace for Major Foreclosure Notice Changes—Are You Ready?
New York’s Assembly Bill A 3470 is on the brink of becoming law, signaling a significant shift in how homeowners’ associations must handle foreclosure notices. Sponsored by Lavine and Sewright, this bill mandates that homeowners receive formal notice before any foreclosure action is taken by their HOA. The bill, recently delivered to the governor, is expected to enhance protections for homeowners by ensuring they are better informed and given a chance to address outstanding issues before losing their homes.
This legislation aims to reduce surprises and improve communication between HOAs and homeowners. By requiring prior notification, New York seeks to provide residents with a fair opportunity to resolve disputes or debts, potentially decreasing the number of sudden foreclosures. Homeowners in New York should stay vigilant and informed as this bill progresses, as it could drastically impact how foreclosures are managed in the state.
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