Tags: zombie | home | bill | protect | abandoned | properties

'Zombie Homes' Bill to Protect Value of Abandoned Properties

By    |   Tuesday, 17 Feb 2015 08:01 AM

"Zombie homes," abandoned houses that fall into disrepair during the foreclosure process, are the subject of a bill to protect their value soon to be introduced in New York state.

USA Today reported
Monday that the bill, promoted by State Attorney General Eric Schneiderman, would make banks responsible for fees associated with broken windows and other property issues that aren't in compliance with local statutes.

The city of Poughkeepsie and other upstate towns have been hit hard by wave after wave of foreclosures, and the bill seeks to keep abandoned properties from becoming crime magnets that pull down adjacent home values.

"Leaving zombie properties to rot is unfair to municipalities and unfair to neighbors, who pay their taxes and maintain their homes," Schneiderman said in a statement, according to the Poughkeepsie Journal.

Overall, "zombie" homes increased statewide by a whopping 50 percent from 2013 to 2014 alone, pushing the number of abandoned units to 16,700.

In addition to making mortgage lenders responsible for the abandoned properties, the bill also seeks to keep them occupied as along as possible. To do this, the bill would require banks to notify homeowners who are three months delinquent on their payments that they don't have to leave until they surrender the title or receive a court order to vacate.

Schneiderman introduced a similar bill last year, but it did not pass. Many banks were concerned about taking on the new government-imposed burdens.



© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
"Zombie homes," abandoned houses that fall into disrepair during the foreclosure process, are the subject of a bill to protect their value soon to be introduced in New York state.
zombie, home, bill, protect, abandoned, properties
241
2015-01-17
Tuesday, 17 Feb 2015 08:01 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved