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NY Requiring Mortgage Lenders To Maintain Abandoned Homes

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BasicGov, flickr
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New York is imposing new requirements on mortgage lenders to maintain abandoned houses before foreclosure.

The law signed Thursday by Gov. Andrew Cuomo threatens banks with civil penalties up to $500 a day for failing to maintain residential properties once they're aware of vacancies.

The old law required they take responsibility following a foreclosure judgment. Cuomo says that has left hundreds of "zombie properties" across the state.

The new law also establishes an electronic statewide registry of abandoned homes, sets up a state hotline where neighbors can report them and requires notices to mortgage borrowers emphasizing their right to stay in houses until foreclosure.

Copyright 2016 The Associated Press.

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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