N.Y. Banking Law § 6-n: Responsibility of banks for mortgages being processed for modification

§ 6-n. Responsibility of banks for mortgages being processed for

modification. 1. If a mortgage that is the subject of an application for

a modification of the mortgage terms is sold or transferred during the

modification process, the bank or financial institution selling or

transferring such mortgage shall provide the borrower with a written

list of all documents relating to such application for modification that

were provided to the bank or financial institution to which such

mortgage was sold or transferred.

2. If a borrower has been approved in writing for a first lien loan

modification or other modification to avoid foreclosure, and the

servicing of such borrower's loan is transferred or sold to another

mortgage servicer, the subsequent mortgage servicer shall assume all

duties and obligations related to any previously approved first lien

loan modification or other foreclosure prevention alternative in

accordance with the provisions of this section.