ALBANY, N.Y. (WCAX) Gov. Andrew Cuomo hopes a new law signed Wednesday will help New York homeowners.
The legislation enhances consumer protection measures and closes loopholes to prevent deed fraud and mortgage scams. It also requires banks to continue paying HOA fees on zombie properties that are part of a co-op. And it protects homeowners by reforming obligations of banks during the sale of a mortgage.
The law is meant to protect people whose homes are either in default or foreclosure and people who are looking for better options to modify loans.