The Department of Financial Services shall maintain a statewide Vacant and Abandoned Property Database for the registration of “vacant and abandoned properties” within the State of New York. View 769 homes for sale in Syracuse, NY at a median listing price of $124,900. Zombie Foreclosure Laws and Task Force in New York. Andrew Cuomo announced Tuesday, June 28, … (Photo by Elizabeth Doran) DEWITT, NY - Every neighborhood seems to have one - the rundown, abandoned home that … Get information on foreclosure homes for rent, how to buy foreclosures in Erie County, NY and much more. New York has the highest actual number of zombie properties, followed by Florida, Illinois, Ohio, and New Jersey. A "zombie property" at 102 Wellington Road in Dewitt. Zombie and Vacant Property Remediation/ Prevention Initiative for New York Municipalities The Local Initiatives Support Corporation (LISC) is making $13 million in grants to municipalities across New York to help them address housing vacancy and blight, with an emphasis on “zombie… If you are still having trouble, you can file a complaint or contact us for further assistance: The Department of Financial Services supervises many different types of institutions. New York "Zombie Property" Rules Go Live. In 2018, Pennsylvania enacted a fast-tracked foreclosure process. Click on the map and start your search for cheap houses for sale through our lists of home foreclosures in New York. Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more. See pricing and listing details of Syracuse real estate for sale. Assemblyman Angelo Santabarbara, a democrat from New York, proudly announced last week that his legislation to help local communities solve the problem of abandoned properties, otherwise known as “zombie foreclosures” has passed the Assembly. The Department maintains a registry of vacant properties that it makes available to local government officials. Property owners and investors in New York need to pay close attention as well. Legislation exists  to address the challenges posed by vacant and abandoned properties – so called “zombie properties” – to communities throughout New York. Not the monster type zombies. The law seeks to limit the damage caused by zombie properties by requiring mortgage note holders (“mortgagees”) to inspect, register and maintain zombie properties until the foreclosure process is complete. 26,690 Homes For Sale in New York, NY. On June 23, Gov. In fact, the same morning that I wrote the last post, the New York Governor Andrew Cuomo announced (via press release) that there was a deal with the banks.… Required maintenance includes cutting the grass, securing the property against squatters and removing garbage. The issue has become so problematic that last April, the city —prompted by the passing of the New York State Zombie Property and Foreclosure Prevention Act of 2016, or “Zombie … and others — in and near the Erie County, NY area at the Capital Region, Finger Lakes, Hudson Valley, Long Island and New York City WYSIWYG Governor Andrew M. Cuomo today announced more than $100 million in available funds to help new homebuyers purchase and renovate “Zombie” properties and assist existing low- and middle-income homeowners with major repairs and renovations. Incredible Savings on New York Bank Foreclosures. Illinois and California ranked a distant second and third with 31,668 and 28,821 zombie properties respectively on the list. The law requires mortgagees to register zombie properties with the Department of Financial Services within 21 business days of learning that the property is vacant. Dilapidated vacant and abandoned properties can have a corrosive effect on local communities, lowering property values, attracting criminal activity, creating health and safety hazards, and imposing extra costs on local governments due to the additional police, fire and building safety resources they require. Property Maintenance Obligations for Vacant and Abandoned Residential Properties in New York. See pricing and listing details of New York real estate for sale. The zombie properties emerged from the housing crisis of 2007-2008 and have menaced neighborhoods and strained city resources in cleaning and securing the vacant homes. Maintenance requirements are intended to protect against health and safety issues and to avoid having properties fall into major disrepair. EAST MASSAPEQUA, NY — Beware of the zombies. The law applies only to one- to four-family residential real properties that are subject to a mortgage. Since my last post there has been a lot of discussion of zombie foreclosures in New York. This post is overdue and is therefore too long. Larger residential buildings and commercial buildings, vacant lots, and any property that is not mortgaged, are not subject to the maintenance requirements. NY statewide hotline for zombie homes is established A new statewide hotline will allow residents to report vacant, abandoned homes statewide, Gov. Get updates about Senate activity regarding Zombie properties. These inspections must be conducted every month for as long as the loan remains delinquent. Andrew Cuomo signed into law legislation passed just days earlier that, among other things, is designed to tackle New York state's "zombie property" problem. February 28, 2017. Find and contact your Senator about this issue, Zombie Properties Blight Neighborhoods, But Residents Have Recourse, Senators Klein & Bailey, Mayor Thomas, unveil ‘Nightmare Neighbor Task Force’ to identify & take action on abandoned properties in Mount Vernon, Senate Passes Bill to Speed Up Foreclosure Process, Senator Brooks Announces Legislation to Combat ‘Zombie’ Properties, There is no legislation associated to this issue, There are no upcoming meetings or public hearings scheduled at this time. The Department maintains a registry of vacant properties that it makes available to local government officials. DFS will seek to determine whether the property is subject to a mortgage, and, if so, to identify the party responsible for inspecting, securing and maintaining the property in question. Press Release from New York Attorney General: "A.G. Schneiderman Launches Statewide Effort To Combat Zombie Properties": “Zombie properties threaten neighborhoods across New York State, from big cities to small towns,” said Attorney General Schneiderman. Once identified, the Department will contact the responsible party to ensure that it is complying with its obligations under the law. We’re talking about zombie homes. Abandoned Homes, Banks, legislation, Zombie properties Senators Klein & Bailey, Mayor Thomas, unveil ‘Nightmare Neighbor Task Force’ to identify & take action on abandoned properties in Mount Vernon Communities of all sizes suffered from the zombie homes left in the wake of the financial crisis. View 33087 houses for sale in New York, NY at a median listing price of $835,000. Once a property has been deemed to be vacant and abandoned, the mortgagee must take reasonable steps to ensure that the property is secured and maintained in order to minimize public safety risks and related blight to the neighborhood and surrounding community. The zombie property provisions were included as Part Q of Chapter 73. Create an Account - Increase your productivity, ... NY 13045 Phone: 607-753-0872; Frequently Asked Questions. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Find New York foreclosures for sale through our foreclosure listings service including New York foreclosed homes, government foreclosed properties and New York bank foreclosures. They are homes left vacant … Help for Tenants in Foreclosed Properties, View a complete list of the maintenance requirements, Accessibility & Reasonable Accommodations, No occupant was present and there was no evidence of occupancy at the property, Basic maintenance work is not being performed, The borrower has filed for bankruptcy or is actively engaged in loss mitigation efforts, The mortgagee sells the mortgage or releases the lien on the property, An occupant of the property has asserted his or her right to occupy the property, as in the case of squatters. Effective December 20, 2016, Sections 1308 and 1310 of the New York Real Property Action and Proceedings Law (RPAPL), obligates mortgagees and servicers to assume certain responsibilities in connection with vacant and abandoned residential properties securing mortgage loans in their portfolios. Also, banks, credit unions and other specified financial institutions that do not engage in significant real estate lending are exempt from the requirements of the law. In late 2019, New York Governor Andrew Cuomo signed legislation that gives local municipalities more power to fight against zombie properties. The public can greatly assist DFS by providing any information available (particularly from a posting on the property) about the identity of the mortgagee or any other company that can be contacted about the property. Most of the complaint was the upkeep of the properties that are vacant with broken windows, unmowed grass, peeling paint and trash buildup around these homes. For example, boarding up the windows of a vacant and abandoned property may be an appropriate action to secure a property against vandalism or criminal activity, even though a boarded-up house may be an eyesore to the local community. Find out ways to save your property when you are in a financial hardship and avoid becoming a Zombie Property. If you suspect you may own a zombie property: Check the ownership records by your name or address on the Lucas County Auditor’s records on-line at: Known as the “Zombie Law,” the measure gives the state the authority to pursue legal action against lenders who do not maintain their properties. The law requires mortgagees to register zombie properties with the Department of Financial Services within 21 business days of learning that the property is vacant. By law, the registry is confidential and not made available to the public. View 209 homes for sale in New Rochelle, NY at a median listing price of $649,949. The law imposes a duty to inspect, secure and maintain vacant and abandoned properties on mortgagees or their servicing agents. The negative impact these properties create can last for years while the community waits for the property to be foreclosed and sold to a new owner. Additionally, HPD helps enforce the Zombie Property and Foreclosure Prevention Act of 2016 (the “Zombie Law”), state legislation requiring lenders and servicers to inspect, secure, maintain, and report zombie homes to the New York State Department of Financial Services. See pricing and listing details of New Rochelle real estate for sale. If you are unable to find the answer to your questions here, check our FAQs. Skip to Main Content. 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. Kings County had the most zombie houses — 1,050, which was a 22% increase between January 2014 and May 2015; Queens County came in second with 905 zombie homes — a 14% increase between January 2014 and May 2015. The law authorizes local governments to compel mortgage lenders to foreclose in … The number of homes overall in foreclosure or bank-owned rose by 9 percent to 1.5 million properties nationally in the first quarter of 2013 compared to … There are, however, limits to the extent of maintenance work required by the law. In 2012, New York state’s foreclosure list reached 101,000 properties long. The Bronx and Richmond counties had the largest percentage increase in the number of zombie homes, 42% and 62%, respectively. New York enacted the Zombie Property and Foreclosure Prevention Act of 2016. With this blog, learn more about these types of properties, the advantages of investing in them, possible risks, and how to find these real estate deals. 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. This mornings paper had a good article on foreclosures and Zombie inventory in and around the Rochester, NY area. Mortgagees must begin conducting occupancy inspections of a home when the homeowner is 90 days behind on their mortgage payments. Halloween is over, but zombie properties are still in the market. With no occupant to perform basic maintenance, these homes can fall into a state of serious disrepair. 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. Sorry, you need to enable JavaScript to visit this website. To access property information with the City of Rome online, visit: The property is deemed to be vacant and abandoned if, after three consecutive inspections, the mortgagee finds that: A property also may be deemed to be vacant and abandoned by an order of a court or an appropriate local official. 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”).

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