On June 23, 2016, Governor Andrew Cuomo signed the Zombie Property and Foreclosure Prevention Law. The Law amends the New York Real Property Actions and Proceedings Law (RPAPL) to require mortgage holders and their servicing agents, to secure and maintain vacant one-to-four family properties. Banks or servicers that fail to maintain properties can face potential penalties of up to $500 per day per property. The Law also creates an expedited foreclosure process and establishes a statewide database of abandoned properties maintained by the New York State Department of Financial Services.
Services Available
- Research vacant and abandoned properties
- Train municipal staff on zombie laws
- Counsel and advice re: zombie properties
- Assist in developing municipal strategies to address & prevent zombie properties
- Community Engagement: collect & respond to zombie property complaints
- Education on foreclosure & foreclosure prevention services