Mayor Bloomberg Signs Legislation Requiring A 15-day Notice Of Foreclosure Action To Be Filed With The Department Of Housing Preservation And Development

February 16, 2012

"The next bill before me is Introductory Number 501-A, sponsored by Council Members Dilan, Cabrera, Comrie, James, Lander, Mendez, Palma, Vann, Mark-Viverito, Williams, Jackson, Levin, Dromm, Rodriguez, Gonzalez, Brewer, Crowley, Eugene, Gennaro, Chin, Wills, Mealy, Barron, Garodnick, Sanders, and Halloran.  This bill requires any lender commencing a foreclosure action regarding a residential real property located in New York City to provide notice to the Department of Housing Preservation and Development within 15 days of filing the action.

"The foreclosure crisis continues to have a significant impact on property owners across the nation. The Department of Housing Preservation and Development continues to work with government, private, and non-profit organizations, to evaluate the unique circumstances here in New York City, and to find effective ways to prevent the distress that oftentimes accompanies foreclosure.

"Intro. 501-A will help to ensure that HPD has access to accurate and timely information regarding the status of residential properties in foreclosure, and will allow HPD the opportunity to examine the circumstances surrounding the foreclosure action, and intervene where appropriate.

"I would like to thank the Department of Housing Preservation and Development, the City Council, and my Office of City Legislative Affairs for their work on this bill."