Items Tagged with 'Zombie properties'

ARTICLES

  • ATTOM: Number of zombie foreclosures has been cut in half since 2016

    Improved economy, tighter lending standards lead to fewer abandoned homes
    At the height of the housing crisis, tens of thousands of homes were abandoned during the foreclosure process, with many borrowers simply walking away from homes because they had nothing to lose financially on their homes. But a new report from ATTOM Data Solutions shows that the number of zombie foreclosures has decreased dramatically in the last few years.
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  • New York using $9 million from RBS settlement to fight zombie homes

    “Zombie 2.0” initiative will give cities more money to fight blight
    Continuing a fight that stretches all the way back to 2014, the state of New York is set to give its cities millions more in funding to address the glut of “zombie homes” that still blight many communities throughout the state. According to the office of New York Attorney General Letitia James, the money for these latest grants comes from the state’s $500 million settlement with RBS for the bank’s "deceptive mortgage bond practices."
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  • SN Servicing fined for failing to maintain New York zombie homes

    NYDFS fines servicer for not properly maintaining two homes
    SN Servicing must pay a six-figure fine for failing to maintain a pair of vacant homes in New York, the state’s financial regulator announced last week. According to the NYDFS, SN Servicing did not properly maintain the two properties for 230 and 232 days, respectively.
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  • NYDFS hits PHH with six-figure fine for failing to maintain single zombie home

    Investigation found PHH failed to maintain New Lebanon home for over 6 months
    Back in 2016, the state of New York enacted “sweeping” new laws aimed at reforming the state’s foreclosure process and addressing the state’s issues with zombie homes. And Thursday, the New York Department of Financial Services showed that the threat of a fine for improperly maintaining a zombie home is not an empty one.
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  • New York unveils bill of rights for borrowers facing foreclosure

    State takes final steps to implement new foreclosure laws
    The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.
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  • New York allots $20 million to state land banks to fight blight

    Money to come from Goldman Sachs, Morgan Stanley mortgage bond settlements
    The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.
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  • New York announces new requirements for maintenance of zombie homes

    New regulation will hold lenders and mortgage servicers "accountable"
    The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.
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  • Florida court upholds city's rights to place liens on zombie homes

    Cities' liens on foreclosed properties aren't extinguished when home is sold
    In a move that should help municipalities within the state of Florida fight against the state’s glut of zombie foreclosures, a state appeals court ruled recently that liens placed on foreclosed homes by the city are not discharged when the home goes through a judicial sale. Here's a closer look at the decision.
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  • New York adopts "sweeping" new laws to tackle foreclosure problems

    Will fight rise of zombie homes; new rules imposed on lenders, servicers
    While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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