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In New York, mortgage firms take on ‘zombies’

May 20, 2015
New York State continues to battle a high number of “zombie” properties and its latest move aims to make sure the abandoned properties stay well maintained. Nearly a dozen mortgage firms and credit unions are adopting a set of best practices to prevent neighborhood blight and the impact to home values from “zombie properties” that are left abandoned by the home owner. 
 
Banks and mortgage companies have agreed to conduct an exterior inspection of homes within 60 days of delinquency to determine if a home is abandoned or not. They will then recheck the property every 30 days after that.
 
If the property is vacant, the mortgage firms will secure each home by changing the lock, replacing or boarding up windows, posting the property with contact information, and eliminating any potential safety hazards. On an ongoing basis, the firms will commit to monitoring the property's condition (such as making sure the lawn is taking care of and the property is safe and sanitary).
 
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