Tag Archives: Zombie Properties

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

Local municipalities in the areas hit hardest by the foreclosure crisis have made various attempts through legislation to combat the problem of “zombie properties.” How does the most populous town in the U.S. propose to handle the problem?

The expanded bill requires mortgagees to provide homeowners with early notice that they are legally entitled to remain in their homes until the foreclosure process is complete (until a court orders them to leave), since many homeowners are unaware that they do not have to leave the house immediately when the foreclosure process begins.

An amended Ohio House bill that was originally intended to reduce the lengthy residential foreclosure process and eliminate blight in Ohio neighborhoods died in the Ohio Senate Finance Committee Tuesday night, sources close to the situation told DS News.