Fighting the Undead
After hearing the term “zombie home” for the first time, I figured homeowners were readying up for the apocalypse, which, nowadays, could be possible since the walking undead have become so popular. Actually, zombie homes are properties that have been recently abandoned by homeowners due to notice of foreclosure. In New York, Governor Cuomo recently signed a legislative package to curb the threat posed by “zombie properties” and hopefully prevent foreclosures. The bill itself was passed as part of the 2016 Legislative Session to help the economic health and public safety of the community. The Governor hopes that this bill will help save the neighborhoods from the astringent outcomes caused by neglect. Under this law, the bank has a duty to maintain and secure a residential real property where there is basis to believe it is vacant and abandoned. The bank also faces civil penalties up to and no more than $500.00 per violation, per property, per day for failing to do so.
Although this is true that eventually the homeowners will have to vacate, they don’t have to right away! On average, homeowners could have around 90 days from the date of notice mailed. This changes if the borrower has filed an application for adjustment of debts or an order for relief from the payment of debts. With intent to foreclose notices, they actually have plenty of time to make adjustments or even better, fight back. Conveniently, our associates at Fazzio Law are willing, experienced, and ready to contest against the lenders. Housing Counselors can help assess your financial condition and work with the banks to explore the possibility of modifying a loan, establishing an easier payment plan, or even working out a period of loan forbearance.
In closing, a notice of foreclosure doesn’t mean the end of times (a zombie apocalypse would). With the right tools and representation, a foreclosed home can be rectified. If you find yourself in a situation described above, please give our office a call at 201-529-8024 so that we may set-up a free consultation with Mr. Fazzio.
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