On December 18, 2019, Governor Andrew Cuomo signed Senate Bill 5079A into law, which gives local municipalities in New York more ways to fight against zombie properties. Zombie Foreclosure Laws and Task Force in New York In late 2019, New York Governor Andrew Cuomo signed legislation that gives local municipalities more power to fight against zombie properties. The city’s first zombie team was created in … 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). The Zombie Property Remediation Act allows mortgage lenders to expedite foreclosure processes across New York City. The Zombie Remediation and Prevention Initiative coincided with the passage of the New York State Abandoned Property Neighborhood Relief Act of 2016 (the “Zombie Law”) which requires banks and other mortgagees to externally maintain vacant one-to-four family houses during the foreclosure process or face a potential penalty of up to $500 per day per property. Enacts the "zombie property remediation act of 2019" relating to foreclosure actions involving abandoned properties. New Lender Obligations To curb the threat that zombie properties pose to communities, the law imposes a pre-foreclosure duty on those who hold a mortgage on a vacant or abandoned residential property to maintain and secure it during the foreclosure process. The law, commonly referred to as the “Zombie Properties” law, took effect on December 20, 2016. The DFS issued regulations to accompany the new law concerning vacant and abandoned property reporting requirements (“DFS Regulations”), which also took effect on December 20, 2016. Comment moderation is generally performed Monday through Friday. Your valid home address is used to determine which NY State Senator Represents you. This period of vacancy has become too familiar in the state of New York, resulting in the deterioration of once well-kept homes. The servicer must conduct follow-up inspections every 25-35 days thereafter. The program called Zombies 2.0 will provide up to $9 million in grants, which will also be used to increase housing code enforcement and track and monitor vacant properties. 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: 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 Task Force is made up of municipalities, banks, realtors, nonprofits, and other community leaders. The Department’s recently published final regulation, implementing the new legislation, explains how mortgagees are to determine whether they qualify for the exemption or the prospective-only obligation. Inspecting the Property – An exterior inspection must be conducted within 90 days of a borrower falling into delinquency and, thereafter, every 25-35 days throughout the delinquency of the loan, at different times of the day. With grant funds and technical expertise from the New York Attorney General Eric T. Schneiderman said, “This hotline will help localities address the scourge of abandoned homes, which drag down property values and create unsafe conditions across New York State. The posted notice shall provide the mortgagee's toll-free number or similar contact information. On June 27, 2016, Governor Cuomo signed into law Chapter 73 of the 2016 Laws of the State of New York, entitled the Abandoned Property Relief Act of 2016 1 *, namely Sections 1308, 1309 and 1310 of the Real Property Actions and Proceedings Law (“RPAPL ) to confront the lingering vacant and abandoned residential property epidemic resulting from the mortgage foreclosure crisis that continues to blight Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Fight against zombie properties impact every corner of our state resulting in blight and diminished property values for homeowners... 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