New York providing grants to boost zombie property law compliance

The New York State Department of Financial Services ("DFS") has finalized a new Part 422 to its regulations ("Final Regulation") that requires banks and mortgage servicers to report and maintain vacant and abandoned properties, commonly referred to as "zombie properties." The final regulation expands upon legislation signed into law earlier this year.

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Million in New York state budget granted to Attorney General's Office for Housing and Legal Services Foreclosure Prevention Assistance.. the highest foreclosure rates in the state and are seeing an increase in mortgage. This funding will provide frontline support to homeowners struggling to keep their.

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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NYCOM Analysis of Newly Enacted . Zombie Property and Foreclosure Prevention Law. One of the most significant reforms passed during the 2016 New York State Legislative session was included in Chapter 73 of the Laws of 2016 . 1. Signed into law on June 23, 2016, this omnibus legislation includes

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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 ,

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