New Foreclosure Notice Requirements Effective August 1, 2007
Posted Date: 8/1/2007
On August 1, 2007, Governor Spitzer signed Chapter 458 of the laws of 2007. The chapter creates new section 1320 under the New York Real Property Action and Procedures Law and amends section 3215(g)(3)(iii) of the New York Civil Practice Law and Rules. These statutes were effective immediately.
FORECLOSURE REQUIREMENT NOTICE
I. RPAPL Section 1320
RPAPL Section 1320 requires that in an action to foreclose a mortgage on a residential property containing not more than three units, the summons shall contain a notice, in addition to what is currently required by law. The notice, which must be in bold-face, is as follows:
NOTICE
YOU ARE IN DANGER OF LOSING YOUR HOME
If you do not respond to this summons and complaint by serving a copy of the answer on the attorney for the mortgage company who filed this foreclosure proceeding against you and filing the answer with the court, a default judgment may be entered and you can lose your home.
Speak to an attorney or go to the court where your case is pending for further information on how to answer the summons and protect your property.
Sending a payment to your mortgage company will not stop this foreclosure action.
YOU MUST RESPOND BY SERVING A COPY OF THE ANSWER ON THE ATTORNEY FOR THE PLAINTIFF (MORTGAGE COMPANY) AND FILING THE ANSWER WITH THE COURT.
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