The banks, mortgage companies and credit unions represent nearly 70 percent of the New York market and will adopt practices to limit the damage from so-called “zombie properties.”
It would require lenders to take responsibility for properties soon after they are vacated, not at the end of a foreclosure process.
“Abandoned properties have become breeding grounds for mold and crime, and are a welcome mat for squatters,” Nassau County Executive Ed Mangano said.
Brookhaven Township’s new blighted property law employs a point system “for each health, safety or building violations.” After 100 points, the house may be torn down.
Many communities are dealing with run down properties, and some are nestled in between multi-million dollar mansions.
It’s a deal too good to be true: living rent-free in New York City. But that’s what is happening at a two-family house in the Morris Park section of the Bronx
The rundown, ramshackle wrecks in the areas are the physical remnants of the sub-prime mortgage bubble that neighbors say is a problem, but no one’s business.