HousingWire is reporting that the Governor of New York recently signed “sweeping” legislation that attempts to reform the state’s foreclosure process as well as addressing issues with zombie foreclosures. The legislation combats the blight of vacant and abandoned properties by expediting the rehabilitation, repair and improvement of these properties, and enables the state to assist homeowners facing mortgage foreclosure. Additionally, the legislation imposes impose a pre-foreclosure duty on banks and servicers to maintain zombie homes, creates an electronic registry of abandoned properties, and expedites foreclosure for vacant and abandoned properties to get them back on the market. The legislation also established a consumer bill of rights to help people remain in their homes.
Click here to read the media release from the New York Governor’s office.
Click here to read the full story on HousingWire.
