{"id":20480,"date":"2016-12-07T16:33:08","date_gmt":"2016-12-07T21:33:08","guid":{"rendered":"http:\/\/www.wrfalp.com\/?p=20480"},"modified":"2016-12-07T16:33:08","modified_gmt":"2016-12-07T21:33:08","slug":"governor-announces-new-actions-to-assist-homeowners-facing-foreclosure-and-increase-accountability-for-zombie-properties","status":"publish","type":"post","link":"https:\/\/www.wrfalp.com\/governor-announces-new-actions-to-assist-homeowners-facing-foreclosure-and-increase-accountability-for-zombie-properties\/","title":{"rendered":"Governor Announces New Actions to Assist Homeowners Facing Foreclosure and Increase Accountability for Zombie Properties"},"content":{"rendered":"
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NY Governor Andrew Cuomo<\/em><\/p><\/div>\n

ALBANY – Governor Andrew Cuomo<\/strong> has announced the Department of Financial Services<\/strong> has published a Consumer Bill of Rights<\/a> for New Yorkers facing foreclosure. Additionally, DFS has also finalized a regulation<\/a> protecting communities from the blight of \u201czombie properties\u201d by requiring banks and mortgage servicers to report and maintain vacant and abandoned properties.<\/p>\n

Both actions follow legislation the Governor signed in June that curbs the threat “zombie properties” pose to communities by expediting foreclosure proceedings, improving the efficiency and integrity of the mandatory settlement conferences, and obligating banks and mortgage servicers to secure, protect and maintain vacant and abandoned properties before and during foreclosure proceedings.<\/p>\n

\u201cThese reforms help ensure New Yorkers at risk of foreclosure know their rights, that banks and mortgage servicers are held to their obligations, and that neighborhoods across the state are protected from the blight of zombie properties, which threaten property values, as well as public safety,\u201d Governor Cuomo said. \u201cThese steps will help protect the quality of life in our communities and preserve the American Dream in New York.”<\/p>\n

DFS is required to publish a Consumer Bill of Rights <\/strong>no later than 60 days after the new law takes effect. The new law also requires the court overseeing a foreclosure proceeding to provide homeowners a copy of the Consumer Bill of Rights at the initial mandatory settlement conference.<\/p>\n

Under the law, bank and mortgage servicers must complete an inspection of a property subject to delinquency within 90 days and must secure and maintain the property where the bank or servicer has a reasonable basis to believe that the property is vacant and abandoned. Banks and mortgage servicers are required to report all such vacant and abandoned properties to DFS and submit quarterly reports detailing their efforts to secure and maintain the properties and the status of any foreclosure proceedings. If DFS determines that a property that has been deemed vacant and abandoned is not being properly maintained by the relevant bank or mortgage servicer, the Superintendent will exercise her authority to hold the bank or mortgage servicer accountable. Violations are subject to a civil penalty of $500 per day per property.<\/p>\n

The regulation is part of several provisions that will help address the scope of unoccupied and ill-maintained properties, which based on voluntary reporting is estimated to be over 6,000. Under the new law, reporting by banks and mortgage servicers is now mandatory, and the number of abandoned homes is anticipated to be even higher. The law also requires the creation of a zombie properties hotline to allow New Yorkers to report vacant or abandoned properties. New Yorkers can contact the Department of Financial Services hotline at (800) 342-3736 or online at www.dfs.ny.gov<\/a> to report vacant or abandoned properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

ALBANY – Governor Andrew Cuomo has announced the Department of Financial Services has published a Consumer Bill of Rights for New Yorkers facing foreclosure. Additionally, DFS has also finalized a regulation protecting communities from the blight of \u201czombie properties\u201d by requiring banks and mortgage servicers to report and maintain vacant and abandoned properties. Both actions […]<\/p>\n","protected":false},"author":22,"featured_media":7346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"Governor Announces New Actions to Assist Homeowners Facing Foreclosure and Increase Accountability for Zombie Properties","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4],"tags":[122,1683,4581],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2013\/10\/cuomo-feature.png?fit=332%2C190&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3YlJ4-5kk","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20480"}],"collection":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/comments?post=20480"}],"version-history":[{"count":1,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20480\/revisions"}],"predecessor-version":[{"id":20481,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20480\/revisions\/20481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/media\/7346"}],"wp:attachment":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/media?parent=20480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/categories?post=20480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/tags?post=20480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}