New York providing grants to boost zombie property law compliance

ALBANY, N.Y. (NEWS10) – New York is now holding companies accountable for so-called "zombie properties." The law goes into effect Tuesday. According to the law, banks and mortgage services.

The zombie property provisions were included as Part Q of Chapter 73. Although the zombie property legislation does not have an official title, it is commonly being referred to as New York’s 2016 Zombie Property and Foreclosure Prevention Legislation (hereinafter referred to as "the Act"). The Act becomes effective december 20, 2016 ,

September 27, 2017. New York Launches Education Initiative and Issues Additional Guidance Regarding "Zombie Property" Obligations. Tom Quinn. As we have previously reported in earlier editions of Hudson Cook Insights, New York has adopted sweeping changes to its Real Property and Procedures Law and accompanying regulations that address, among other things, the inspection, securing, and.

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HUDSON VALLEY, NY – Mount Vernon, Newburgh and White Plains are among 10 cities in New York state getting new grants to help them clear out zombie properties. This second round of funding was.

New Zombie Home Foreclosure Law In New York On June 23, 2016, governor andrew cumo signed a ground breaking bill into law requiring banks to take responsibility for "zombie" properties. The law is an amendment to Section 1307 of the Real Property Actions and Proceedings Law.

A New Jersey mortgage lender is the first to be fined under a New York law cracking down on zombie homes. mount laurel-based PHH Mortgage Corp. was fined $119,000 for failing to maintain a vacant.

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State issues first zombie house fine. The New York Department of Financial Services said the mortgage firm failed its obligations with the vacant and abandoned New Lebanon property for at least.

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Zombie properties LISC joined New York Attorney General Eric Schneiderman this week to announce the New York Housing Stabilization Fund, a million grant program for municipalities dealing with high concentrations of zombie and vacant properties. Grants will be funded by bank settlement dollars negotiated by the AG’s office and will focus on both mitigation and prevention in the 100 cities, towns and.