![]() Larger residential buildings and commercial buildings, vacant lots, and any property that is not mortgaged, are not subject to the maintenance requirements. The law applies only to one- to four-family residential real properties that are subject to a mortgage. The Department maintains a registry of vacant properties that it makes available to local government officials.īy law, the registry is confidential and not made available to the public. The law requires mortgagees to register zombie properties with the Department of Financial Services within 21 business days of learning that the property is vacant. View a complete list of the maintenance requirements.There are, however, limits to the extent of maintenance work required by the law. For example, boarding up the windows of a vacant and abandoned property may be an appropriate action to secure a property against vandalism or criminal activity, even though a boarded-up house may be an eyesore to the local community. Maintenance requirements are intended to protect against health and safety issues and to avoid having properties fall into major disrepair. Required maintenance includes cutting the grass, securing the property against squatters and removing garbage. Once a property has been deemed to be vacant and abandoned, the mortgagee must take reasonable steps to ensure that the property is secured and maintained in order to minimize public safety risks and related blight to the neighborhood and surrounding community. What Property Maintenance is Required by Law? ![]() Basic maintenance work is not being performedĪ property also may be deemed to be vacant and abandoned by an order of a court or an appropriate local official.No occupant was present and there was no evidence of occupancy at the property. ![]() The property is deemed to be vacant and abandoned if, after three consecutive inspections, the mortgagee finds that: These inspections must be conducted every month for as long as the loan remains delinquent. Mortgagees must begin conducting occupancy inspections of a home when the homeowner is 90 days behind on their mortgage payments. How is a Property Determined to Be Vacant and Abandoned? The law seeks to limit the damage caused by zombie properties by requiring mortgage note holders (“mortgagees”) to inspect, register and maintain zombie properties until the foreclosure process is complete. The negative impact these properties create can last for years while the community waits for the property to be foreclosed and sold to a new owner. With no occupant to perform basic maintenance, these homes can fall into a state of serious disrepair.ĭilapidated vacant and abandoned properties can have a corrosive effect on local communities, lowering property values, attracting criminal activity, creating health and safety hazards, and imposing extra costs on local governments due to the additional police, fire and building safety resources they require. Zombie properties are homes that the homeowner has abandoned, typically in the face of a foreclosure action. Legislation exists to address the challenges posed by vacant and abandoned properties – so called “zombie properties” – to communities throughout New York. ![]() Vacant and Abandoned Properties: What You Need to Know ![]()
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