Schneiderman touts new foreclosure requirements on banks | WBFO : Loan Modification Key

Schneiderman touts new foreclosure requirements on banks | WBFO

Schneiderman touts new foreclosure requirements on banks | WBFO

A new law will crack down on '"zombie houses."  Governor Andrew Cuomo signed the law this past week. It  now means new requirements for mortgage lenders. They must maintain abandoned houses before foreclosure.

"It is tremendously important that we understand we are still digging ourselves out of the (2008) crash," Schneiderman said. "The work we have done recovering funds from the banks has produced tremendous results. We're funding 90 legal counseling and housing service agencies. Tens of thousands of New York families are in their homes who would not be there otherwise without a lawyer or counselor there to guide them through the foreclosure process."

The new law threatens banks with civil penalties up to $500 a day for failing to maintain residential properties once they're aware of vacancies. A state hotline has also been established for neighbors to report those properties.

 

 

No Comments Yet.

Leave a reply

IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. Loan Modification Key® and its owner(s) cannot and do not guarantee results from any lender or servicer. Loan Modification Key® and its owner(s) do not represent any loan modification program or governmental program. Loan Modification Key® and its owner(s) do not represent any government agency. The text herein represents information, opinion and expertise gathered in the last several years' experience in the mortgage industry. Loan Modification Key® is a non-profit 501 (c)(3) tax-exempt organization.
Sign in
classic
Forgot password?
×
Sign up

(*) Required fields

I agree with OptimaSales Terms & Privacy Policy

×