The New York State Legislature has passed a bill which requires a statewide registry of abandoned homes. In addition this new law requires financial institutions, banks and loan servicing organizations to report vacant homes to the state registry. Communities in both upstate and on long island have had hearings regarding their problems with regard to vacant homes which attract drug dealers and squatters. This new law places the burden on financial institutions, loan servicing companies and banks to maintain abandoned homes. Prior to this statute local municipalities had to bear the burden of paying for the maintenance of these abandoned “zombie” homes.
Zombie Homes in New York
New York State Attorney General Eric T. Schneiderman had stated that his office had accumulated a list of 16,700 vacant foreclosed homes. These vacant foreclosed homes represent the population of zombie homes throughout the State of New York.
The statute was sponsored by New York State Senator Jeffrey Klein of the Bronx. He recently stated there were devaluations of real property in the millions of dollars related to these zombie homes. In addition he stated: “we must hold banks accountable for decaying, abandoned properties stuck in the legal limbo of foreclosure and I look forward to the Senate taking action on this important issue.” It should be pointed out that foreclosures in New York currently can take several years from initiation until completion.
Elliot S. Schlissel and his associates have been defending homeowners in foreclosure lawsuits for more then 3 decades. There are homeowners throughout the Metropolitan area who are living in their homes due to aggressive, experienced legal representation of our attorneys.
