To qualify, the borrower must certify annually on each anniversary of the loan that they reside in the unit and that it is their primary residence and the borrower's lender will advise the borrower on an annual basis of the name/contact information of the third-party on file (the borrower has the option to appoint a designee to be notified in the event of foreclosure) and provide the borrower a chance to update or change the information for the third-party.
The goal of the amended law is to provide co-op owners the same resources as traditional homeowners and to help senior citizens remain in their homes.
