New York legislation requires banks or mortgagees to maintain vacant and abandoned properties pre-foreclosure, as opposed to the previous requirement of maintaining the properties only after the foreclosure judgment. Banks face a penalty of up to $500 per day per property for failing to maintain these properties.
In order to fight the long-standing problem of vacant and abandoned homes, New York became the latest state to enact legislation to fight the adverse effect these properties, often called “zombie” properties, have on their surrounding communities.
New York Governor Andrew Cuomo signed the bill into law this week. The bill was passed as part of the 2016 Legislative Session and is considered to be a boon for the economic health and public safety of those communities in which these properties are located. It will also help those homeowners who are at risk of losing their homes due to foreclosure.
Read Full Article [Source: www.dsnews.com]
