Companion bills in have been introduced in both the New York State Senate and Assembly in a multi-pronged effort to reduce the increased number of real estate foreclosures. These bills put more of an onus on banks and other financial institutions.
State Sen. Tim Kennedy, D-Buffalo, is pushing for the bills, which will require financial institutions to notify those property owners whom have fallen behind on mortgage payments of a number of resources, services, and agencies that they can work with to help that resolve their situation.
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