NYC Files Zombie Homes Lawsuit Against Banks

New York City Mayor de Blasio Has Discovered A Cure For The Zombie Homes Plague In NYC! It’s lawsuits!

zombie homesNew York State has been plagued by zombie homes in the decade since the financial crisis. Zombie homes are abandoned foreclosed homes that are owned by banks and lenders. In 2016 New York State passed a law allowing the state and municipalities to fine lenders for not maintaining the property.  NYDFS also has the ability to slap a $500 per day fine on the lender for each property.
As a result of the law, NYDFS successfully sued PHH last year for $119,000 for a single property in the Hudson Valley.
The city’s Department of Housing Preservation and Development is using the law to sue Citimortgage and Wells Fargo. They are also suing three mortgage servers that represent the two lenders. The largest one being Ocwen.
New York’s zombie homes law designates both lenders and their mortgage servicers as responsible parties for the safety and security of properties in foreclosure.

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