Tag Archives: New York

Some states have issued laws to combat urban blight but these laws may present new and different challenges to servicers.

Vacant and abandoned properties are a growing problem nationwide. In New York, one of the states hit hardest by the foreclosure crisis, the Attorney General wants to do something about it.

New York joined other states that are passing legislation to deal with the nationwide problem of vacant and abandoned properties.

As the state of New York heads into the Thanksgiving Holiday, two local Senators are raising awareness of the ongoing foreclosure crisis in parts of the state.

CoreLogic reported that in June 2015, New York's foreclosure inventory rate (the percentage of residential mortgages in some state of foreclosure) was 3.7 percent, three times the national rate for the month of 1.3 percent and second among states (New Jersey had 4.7 percent).

New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.

If a property is determined to be vacant and abandoned, the bank or mortgage company will change the lock, replace or board up windows, remove safety hazards, and make sure it complies with the New York maintenance code from that point forward.

Attorneys Lance Margolin and Alan Weinreb have announced that Cynthia Nierer has been named a partner with Syosset-based foreclosure and credit services law firm Margolin & Weinreb Law Group as of April 1. The addition of Nierer as a partner will be reflected in the firm's new name, Margolin, Weinreb & Nierer Law Group.

A New York court has dismissed a lawsuit filed by the state's attorney general against HSBC Mortgage Corporation nearly two years ago which alleged that HSBC failed to follow the state law related to foreclosure actions.

Ocwen Financial Corp. found trouble in New York last year when a top regulator's investigation revealed that the servicer had sent erroneously dated correspondence to about 7,000 borrowers. Over the weekend, however, Ocwen made positive news in New York when it teamed with Neighborhood Housing Services of New York City to reach out to aid struggling homeowners who were at risk of foreclosure.