Governor Andrew M. Cuomo today announced that the Department of Financial Services has proposed a regulation that mandates banks and mortgage services report vacant and abandoned properties in accordance with the new law. The proposal comes on the heels of a law signed by the Governor in June that curbs the threat posed to communities by “zombie properties” by expediting foreclosure proceedings, improving the efficiency and integrity of the mandatory settlement conferences, and obligating banks and mortgage servicers to secure, protect and maintain vacant and abandoned properties before and during foreclosure proceedings. The new law goes into effect on December 20, 2016
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