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UNDERSTANDING THE NEW YORK STATE ZOMBIE PROPERTY LEGISLATION II Mid-Hudson Office 200 Westage Business Center Fishkill, NY 12524 Phone 845.896.0120 ¦ New York City Office 505 Park Avenue New York, NY 10022 Phone 646.794.5747 By: Drew Victoria Gamils, Esq. Some other vacant homes are bank-owned, and still others don't have a mortgage at all. 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. Zombie Foreclosures Also Harm Neighborhoods. Using data and working with local nonprofits and municipalities, SONYMA identified six target communities with a high concentration of zombie properties that are undermining coordinated local government investment in housing and economic development. We plan to have bank contact info soon, but in the mean time you can google the bank. Accessibility & Reasonable Accommodations. The Department of Finance values your property every year as one step in calculating your property tax bill. Mortgagees are to provide information on those “Vacant and Abandoned Properties” (as defined in RPAPL § 1309) within their portfolio within 21 days of when they learned (or should have learned) of the occupancy status. ����+@���1if������2�2�1�0lc`���˰�q&�� F S�Q��&cQ����B�Dh�:���AhgG��$������� I���::Cz����5�H��8KD3�3$�dwO_�`r��� ���GW5)6��c��͡YtE�SVCd$}e`o��@_����ػnA�L��y�;{� ������e] $Y��3B3� 0 ��� Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more. What is shadow inventory? Where any of the information contained in a mortgagee's initial submission to the registry has materially changed since such submission, such mortgagee shall make an amended submission to the registry not later than thirty days after mortgagee learns, or reasonably should have learned, of the new or changed information. In … endstream endobj 1153 0 obj <> endobj 1154 0 obj <> endobj 1155 0 obj <>stream Additionally, HPD helps enforce the Zombie Property and Foreclosure Prevention Act of 2016 (the “Zombie Law”), state legislation requiring lenders and servicers to inspect, secure, maintain, and report zombie homes to the New York State Department of Financial Services. �V@$hU�Դ�ҦJ��~�vS� NEW YORK – Attorney General Eric T. Schneiderman announced grant awards totaling $12.6 million to help 76 cities, towns, and villages across the state address the problem of vacant properties and so-called “zombie homes” – vacant and abandoned homes that are not maintained during a prolonged foreclosure proceeding. Enacts the "zombie property remediation act of 2019". Communities of all sizes suffered from the zombie homes left in the wake of the financial crisis. BILL NUMBER: S5079 SPONSOR: SKOUFIS TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to authorizing municipalities to compel mortgagees either to complete a mortgage foreclosure proceeding pursuant to article 13 of the real property actions and proceedings law or to issue a certificate of … The Department of Financial Services supervises many different types of institutions. Enacted in September 2017, its main focus thus far has been to create a database of these properties for New York State records. 1159 0 obj <>/Filter/FlateDecode/ID[<67BF3C7897D9F8479DC3CB3FB2A014B3><41A8DE0900027846BFE5B7CDEEE59EE9>]/Index[1152 19]/Info 1151 0 R/Length 56/Prev 516057/Root 1153 0 R/Size 1171/Type/XRef/W[1 2 1]>>stream However, the "Google Translate" option may help you to read it in other languages. %%EOF Florida has the most zombie households, with more than 90,000 vacant homes, says RealtyTrac. A zombie mortgage property is one that has usually been abandoned by the owner, but not yet foreclosed upon by the lender. I. At the same time, the lender (usually a bank) has not yet taken ownership of the property, nor have they sold it – leaving it as an abandoned property. The zombie property provisions were included as Part Q of Chapter 73. Sometimes years pass with no activity. ��_--��~kg�?��BHqA�)��h|q�ݪ��d���)�ӄlW��:��u�넆�v Eventually, in 2016, the New York State legislature passed the New York State Abandoned Property Neighborhood Relief Act of 2016, better known as the “Zombie Law.” Vacant homes with mortgages awaiting a bank takeover are frequently referred to "zombie homes." The property might be overgrown and truly abandoned, or a property management company might be cutting the grass and periodically posting notices with contact information. View Your Property Assessment Roll Data FY2021 Final Property Assessment Data A Better Way to Find Zombie Foreclosures . 1152 0 obj <> endobj The NRP is administered by HCR's State of New York Mortgage Agency. �)3�Bi��xAY����*O���qj^-,��������]��•q����ˬ1SgV�a�(N:k5"�0����{�Z�����fi%��n��1�lnQq�3�uƈ��2�5(b~����ut&���$�@�����EQ���ټZd��t�-��˪�zcbkc�9���EVz��:�2�YY��4��Ě���Y\�k�.V���Ӻk����}!�S�e?�β)6z��۝gu;�{怭;���:�2��/��H����4ɧvތ�vX�O�i�~"�Y>z4#H*�D�S�q��1C What You Need to Know About Shadow Inventory. The good news is that the difficulties with finding zombie properties have been eliminated through accurate property data systems. Property Maintenance Obligations for Vacant and Abandoned Residential Properties in New York. The Act becomes effective December 20, 2016 , h�b```��J ��1�� As part of groundbreaking legislation signed by Governor Cuomo last week to prevent foreclosures and curb the threat posed to communities by “zombie properties” across the state, DFS … Google Translate™ cannot translate all types of documents, and it may not give you an exact translation all the time. In 2012, New York state’s foreclosure list reached 101,000 properties long. Andrew Cuomo announced Tuesday, June 28, 2016. NY statewide hotline for zombie homes is established A new statewide hotline will allow residents to report vacant, abandoned homes statewide, Gov. If you know of a zombie property in your neighborhood, take action now by reporting the address of the foreclosed and neglected property. Illinois and California follow, with more than 31,000 and 28,000 zombie … New York State is making another $9 million in grant funding available for communities to continue to address long vacant and abandoned properties in the foreclosure process, otherwise known as zombie 0 h�bbd``b`�u@��H0���3@��*��������R��H4��o�w� J� jű� E��Q���(��sI�[Rh � �O�?�b^��C^��KZp$9�4^�yđ�q8׆�6BCr�͕��6VTma��GXQB��o�>�"�T�f�ύE�d���. A zombie property (sometimes referred to as a zombie mortgage property) is a type of investment property that has been abandoned by its owner after a foreclosure process begins. hޤ�[O�0�����۱%�TZ The bank must make sure the property is reoccupied within 180 days of taking ownership. May 21, 2014. Zombie Property: The Vacant and Abandoned Property Registry. endstream endobj startxref The Department of Financial Services shall maintain a statewide Vacant and Abandoned Property Database for the registration of “vacant and abandoned properties” within the State of New York. NY combats zombie houses with laws taking effect Sunday . Zombie Foreclosures in Wisconsin. New York State Attorney General (AG) Eric Schneiderman advocated for many years for legislation that would hold banks responsible for maintaining zombies. The Zombie Property Program is a grant-funded initiative to document and report abandoned properties within the village limits of Massena. Just saw this post. NY Zombie Home Registry. When properties are vacant and show obvious signs of neglect, it can drag down the entire neighborhood's value. ��(�un>���)�D����W2ĤvB���G��@��I�t�İ�~�BTh�$p(���9�uN��)C���:Žp\-�jZ,g ����*o �+ 1170 0 obj <>stream To access property information with the City of Rome online, visit: imo.romenewyork.com. Governor Andrew M. Cuomo today signed legislation to prevent foreclosures and curb the threat posed to communities by “zombie properties.” The bill was passed as part of the 2016 Legislative Session and is a boon for the economic health and public safety of communities and homeowners who would otherwise be at risk of losing their residences. Pre-Foreclosure Notice Filing Information. ��v�2,g�d�dobX��Ű�ѐ� �~FN?��r�{�$��E$��gIV���I�*4_஀=� �$!nO� �Vu���Z5���A���K9����*)))�E00H�4.ts�1�8���*�Spa�b��H��a��6��� �y��$bW�8�D��Έ�YB��A��x���.�Zt�e�耩F�YB�3�Vl[��*vE�gх��"���:it��燌J�9N^�Qy��g{�x�IE�yG�2�R� )� At 2,000 properties, that translates to $30 million. Schumer's office said that it estimates that each zombie property in the city of Rochester is worth $15,000 to the local tax rolls. 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. %PDF-1.6 %���� Such information shall, at a minimum, include: (a) the current name, address and contact information of the mortgagee responsible for maintaining the vacant property; (b) whether a foreclosure action has been filed for the property in question, and, if so, the date on which the foreclosure action was commenced; and (c) the last known address and contact information for the mortgagor(s) of record. “Abandoned homes become magnets for crime, drag down property values and drain … and Joel H. Sachs, Esq. More than 45 Municipalities throughout New York to Receive $9 Million in Grants to Reduce the Number of Abandoned Properties. The New York State Office of the State Comptroller's website is provided in English. New York Governor Andrew Cuomo signed SB 5079A (Zombie Property Remediation Act). New York may see an increase in home foreclosures and "zombie homes" next year despite a state-mandated halt on foreclosures until 2021 … Zombie Property Database (NY Real Property Actions & Proceedings Law §1310) Mandatory Settlement Conferences (NY Civil Procedure Law & Rules §3408) Foreclosure Bill of Rights (NY Real Property Actions & Proceedings Law §1303) Foreclosure Notices (NY Real Property Actions & … 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”). Mortgagees are to provide information on those “Vacant and Abandoned Properties” (as defined in RPAPL § 1309) within their portfolio within 21 days … 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” property … These unattended homes are also susceptible to vandalism, squatters, and crime. The legislation aims to permit municipalities to compel a mortgagee to either complete a mortgage foreclosure proceeding or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to article 13 of the real property actions and proceedings law. You will most likely have success buying from the bank if it is a local credit union or other local institute. Zombie properties are huge drain on the community, lenders and the real estate market overall. To report a zombie property … 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. Governor Andrew M. Cuomo today announced that New Yorkers can report vacant and abandoned properties in their communities through a hotline at the New York State Department of Financial Services. Press Release from New York Attorney General: “A.G. Guidance on Late Pre-Foreclosure Filings as a Result of Technical Issues with the Foreclosure Database from March 24, 2018 – … � Attorney General James Announces Funds to Combat Zombie Homes and Revitalize Neighborhoods. The law imposes a duty to inspect, secure and maintain vacant and abandoned properties on mortgagees or their servicing agents. 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