Governor Paterson signs foreclosure bill

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Governor Paterson signs foreclosure bill

Story Created: Aug 5, 2008 at 2:00 PM EST

Story Updated: Aug 5, 2008 at 2:00 PM EST

NEW YORK (AP) - Gov. David Paterson has signed legislation
giving New Yorkers an extra 90 days to save their homes from
foreclosure.

The bill, signed on Tuesday, aims to help homeowners who sought
subprime loans.

The 90-day grace period is being added to what is typically a 440-day foreclosure process in New York - the longest in the nation.

Homeowners will now have time to meet with lenders and receive
other information on dealing with their debt. The law also strengthens mortgage lending rules.

Foreclosures statewide were up 14 percent in the first quarter of 2008 compared to the same period in 2007.

There have been about 50,000 home foreclosures this year. The state estimates another 38,000 homeowners could face foreclosure by
the end of the year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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