New "zombie property" law goes into effect today

A new law signed by Gov. Andrew Cuomo in June 2016 intended to curb the threat posed to communities by "zombie properties" goes into effect today. The new law seeks to expedite foreclosure proceedings, improve the efficiency and integrity of mandatory settlement conferences, and obligate banks and mortgage servicers to secure, protect and maintain vacant and abandoned properties before and during foreclosure proceedings. Click here for the press release issued by the New York State Department of Financial Services detailing the new law.