New York is imposing new requirements on mortgage lenders to maintain abandoned houses before foreclosure.
The law, signed Thursday by Gov. Andrew Cuomo, threatens banks with civil penalties up to $500 a day for failing to maintain residential properties once they're aware of vacancies.
The old law required they take responsibility following a foreclosure judgment, which Cuomo said left hundreds of "zombie properties" across the state.
The signed legislation, A10741/S8159, also establishes an electronic statewide registry of abandoned homes, establishes a state hotline where neighbors can report them and requires notices to mortgage borrowers emphasizing their right to stay in houses until foreclosure.
"It brings together multiple strands that, combined, will help homeowners, neighborhoods and municipalities and New York State at large, move from crisis into recovery," said Kirsten Keefe, a senior attorney at the nonprofit law firm Empire Justice Center. "The settlement conference and notice improvements alone will have an immense impact. I look forward to seeing this new law put into action."
A related measure, A10730/S8141, establishes a State of New York Mortgage Agency fund to buy and sell abandoned properties at below-market rates and demolish those beyond repair.
THE FULL STORY CAN BE FOUND HERE
Product liability refers to an area of law that involves an injury as a result of the use of a product. When someone uses any kind of product that turns out to be defective and becomes injured because of it, that person can file a lawsuit against those who made the product. product liability lawyer
ReplyDeleteIf you are in the process of ending your marriage, you are likely facing a plethora of emotionally draining and legally complex issues. Before deciding on a family law attorney, here are five important questions that should get the process started on the right foot. harrisburg pa family law attorney
ReplyDeleteFamily law resources and Continuing Professional Development. Kansas City Divorce Attorney
ReplyDeleteEveryone appears to be talking about the Law of Attraction these days, and people come up with new 'Laws' all the time. Divorce Attorney Allentown PA
ReplyDeleteWhen you need a lawyer you need to take your time and find one that will be able to handle the type of case you have. Not all lawyers practice family law, and not all lawyers will represent all types of family law cases. mediation miami
ReplyDelete