New York State’s 2016 Zombie Property and Foreclosure Prevention Act By Kirsten Keefe Revised July 13, 2016 On June 23, 2016, Governor Andrew Cuomo signed into law Chapter 73 of the Laws of New York 2016 the 1final omnibus bill of the session (A.10741/S.8159). This period of vacancy has become too familiar in the state of New York, resulting in the deterioration of once well-kept homes. His property joined the inventory of some 15,000 abandoned homes trapped in a legal limbo that threatens not only those affected but entire neighborhoods. This story has been shared 206,356 times. Complicating the efforts of local government officials to deal with these properties that depress surrounding property values and put on a strain on municipal resources are zombie properties. A crisis mounted. Turning an empty lot into a “pocket park” costs at most $1,300, and then another $150 a year to clean and mow. This story has been shared 206,356 times. New York State will find who is liable for the property and hold them accountable. Garbage accumulates, and the yard gets overgrown. As a result, the property remains in the homeowner’s name. NEW YORK (CBSNewYork) — Homes left in limbo without owners and forgotten by banks, known as “zombie houses,” are causing serious issues for … Urban criminal activity is concentrated in certain zones. UNDERSTANDING THE NEW YORK STATE ZOMBIE PROPERTY LEGISLATION II Mid-Hudson Office 200 Westage Business Center Fishkill, NY 12524 Phone 845.896.0120 ¦ New York City Office 505 Park Avenue New York, NY 10022 Phone 646.794.5747 By: Drew Victoria Gamils, Esq. The Town will also report vacant properties to the New York State Department of Financial Services Zombie Property Registry The New York State Department FS is compiling a list of all “zombie properties” and will work to make sure the banks/mortgagors maintain the properties. Related: How to Find Out Who Owns a Property for Off Market DealsWhatever tactic you choose to go with, always consult with a real estate lawyer. The New York State Abandoned Property Neighborhood Relief Act which was passed by the Assembly in 2016 addressed these issues though requiring a loan servicer to maintain the property. If the lender releases the mortgage, the homeowner who originally took out the loan remains in title and continues to be responsible for the property. This past summer, I walked the streets of Philadelphia’s Kensington neighborhood, a dangerous area once dubbed the “Walmart of heroin,” with Prof. MacDonald. They attract disorder and crime, while trash accumulates and squatters prowl — harming communities. New evidence shows that abating blighted and vacant properties can dramatically curb crime. The growing problem of so-called 'zombie homes' or abandoned residential properties is affecting many of New York's communities, particularly in rural and suburban regions where low property values provide little incentive for banks to settle costly and time-consuming foreclosure proceedings. I. Three years ago today, the MuniBlog shared an article in the New York Law Journal by Harris Beach partner Leon Sawyko regarding "zombie houses" and … Was I really the right person to get the coveted COVID-19 vaccine? Zombie properties are not new to the US real estate market, but they’ve become more prevalent in the last decade, especially during the 2007/2008 financial crisis. The law imposes a duty to inspect, secure and maintain vacant and abandoned properties on mortgagees or their servicing agents. Communities of all sizes suffered from the zombie homes left in the wake of the financial crisis. Now, though, state law says that if the note is in default and the property is abandoned, then the city, village, or town may start a lawsuit to compel the lender to: The legislation aims to permit municipalities to compel a mortgagee to either complete a mortgage foreclosure proceeding or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to article 13 of the real property actions and proceedings law. Denise Evans, about 4 years ago Thank you, will look into it. NYDFS also has The information below is provided to assist student volunteers who are looking to complete all or some of the NY Bar’s 50-hour Pro Bono Requirement by working on the Zombie Property Project. New York has the highest actual number of zombie properties, followed by Florida, Illinois, Ohio, and New Jersey. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy. 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