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.
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