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RG BULLETIN: Home Equity Theft Prevention Act
The Home Equity Protection Act (Ch. 308, L 2006), effective February 1, 2007, adds a number of new requirements to certain residential real estate transactions. First is an obligation to determine if mortgages affecting the real property are in arrears for two months or more - if so, this "default" can trigger some of the acts somewhat novel requirements. These include a written agreement in the seller's native language, which agreement can be rescinded by the seller within five days thereafter. Additionally, certain violations of the law allow the seller to rescind up to two years after the conveyance(!).
There is also a new form which must be included with the summons and complaint to all borrowers in foreclosure actions (RPAPL new Section 1303) and which must be upon "colored paper that is other than the color of the summons and complaint" as well as further requirements regarding type size, etc.
Equity Purchasers' Affidavit form here.