New York providing grants to boost zombie property law compliance

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The New York State Department of Financial Services ("DFS") has finalized a new Part 422 to its regulations ("Final Regulation") that requires banks and mortgage servicers to report and maintain vacant and abandoned properties, commonly referred to as "zombie properties." The Final Regulation expands upon legislation signed into law earlier this year.

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The zombie property provisions were included as Part Q of Chapter 73. Although the zombie property legislation does not have an official title, it is commonly being referred to as New York’s 2016 Zombie Property and Foreclosure Prevention Legislation (hereinafter referred to as "the Act"). The Act becomes effective December 20, 2016 ,

NYCOM Analysis of Newly Enacted . Zombie Property and Foreclosure Prevention Law. One of the most significant reforms passed during the 2016 New York State Legislative session was included in Chapter 73 of the Laws of 2016 . 1. Signed into law on June 23, 2016, this omnibus legislation includes

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Proposed Regulation Issued Under New York State’s "Zombie Properties" Law. [1] "Mortgage" means "a first lien upon residential real property as is commonly given to secure advances on, or the unpaid purchase price of, real property under the laws of this state, together with the credit instrument or instruments, if any,

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ABC Nightline Zombie Properties In the wake of the State’s zombie properties law, the Town Board of the Town of Hempstead recently adopted Local Law No. 46-2016 – modeled after similar laws adopted in several upstate New York communities – that will ensure that banks and other lenders will fulfill their maintenance obligations under the new State law.

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HUDSON VALLEY, NY – Mount Vernon, Newburgh and White Plains are among 10 cities in New York state getting new grants to help them clear out zombie properties. This second round of funding was.

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