Cuomo is taking out his sword and taking aim at New York Zombies. Not the walking dead per se, but the sitting dead. Cuomo signed a “zombie property” bill in June 2016 which fights vacant and abandoned properties in the state, gives assistance to fmilies in danger of losing their homes and can also speed up the foreclosure process.
Effective Dec 20th 2016, the new law expedites rehab, repair and improvement of blighted properties in our neighborhoods. We have all seen abandoned houses sitting in disrepair for years in our neighborhoods. They attract crime, vermin and folks up to no good. They also bring down property values. New York has more than 6000 of these zombies that need slaying.
According to John Jordan of Real Estate In-Depth “The legislation includes measures to assist homeowners facing mortgage foreclosure, improving the efficiency and integrity of the mandatory settlement conferences, establishing a pre-foreclosure duty to maintain properties on mortgagees, create an expedited foreclosure process for vacant and abandoned properties, the creation of an electronic vacant property registry, and the establishment of a Consumer Bill of Rights. The new law will also create the Community Restoration Fund (CRF), a new tool for the State of New York Mortgage Agency (SONYMA) to assist homeowners facing mortgage foreclosure. CRF will purchase defaulted mortgage notes from other lenders and offer favorable mortgage modifications to keep homeowners in their residences. CRF will have the ability to forgive a portion of a loan’s principal and make the loan affordable in areas where home values have declined or where a homeowner has experienced a decrease in income.”
Cuomo has earmarked $100MM to help home buyers purchase and renovate zombie homes. Funding is available through the New York State Homes and Community Renewal to establish the new Neighborhood Revitalization Program. You can identify and report zombie homes to the state or your municipality. Get assistance from the state to rehab that eye sore in your town.
So sharpen your pikes, and get ready to slay these zombies. If you need help…AskHollingsworth.
Image Source: w-dog.net