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What you need to know for 04/28/2017

NY Attorney General: 'zombie' home bill isn't dead

NY Attorney General: 'zombie' home bill isn't dead

New York's attorney general says he's hopeful state lawmakers will pass legislation to combat abando

New York's attorney general says he's hopeful state lawmakers will pass legislation to combat abandoned properties before adjourning.

Attorney General Eric Schneiderman has asked the Legislature to support his bill to make banks and other mortgage lenders responsible for maintaining properties that have been abandoned after the start of a foreclosure.

Known as "zombie" homes, the properties are often abandoned after their owners receive a notice of foreclosure — even though foreclosures can take years and occupants are entitled to stay until the process is complete. The homes can fall into disrepair, reducing property values and serving as magnets for crime and vandalism.

Schneiderman's bill would authorize fines for lenders who fail to maintain abandoned homes. It has the support of several mayors from around the state.

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