Legislation Addresses New York Foreclosure Processes

Plaintiffs in cases involving properties that are in foreclosure could soon be required to better maintain their properties, according to an article by Robert H. King of Rosicki, Rosicki & Associates, P.C. Recently, the New York State Attorney General’s Office stated that New York’s foreclosure process takes too long and that the number of vacant and abandoned properties is increasing.

The legislation calls for several remedies that would complement New York’s Home Owner Protection Program, which has taken responsibility for more than 6,500 approved and pending loan modifications. The state would be required to create a registry of abandoned homes, as well as to mandate that plaintiffs in foreclosure cases maintain their vacant properties after being officially notified that the properties have been deemed abandoned. Furthermore, the legislation would increase the number of land banks through which cities and towns take over abandoned properties and redevelop them for public use.

Additional legislation, which has been introduced to both houses of the New York state legislature, would speed up the foreclosure process by allowing summary foreclosure proceedings for abandoned or vacant properties.

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