For years, homeowners who are being foreclosed upon have vacated the property before the foreclosure has been processed, often leaving the home in shambles. This has caused neighboring houses in those communities to lose significant value.
Currently, banks do not have a responsibility to maintain the properties until after the foreclosure is complete. This can leave homes vacant for months or even years. In an attempt to try and force banks and other mortgage lenders to maintain vacant properties during the foreclosure process, State Attorney General Eric Schneiderman plans to introduce a bill that would require not only maintenance from banks during the process of foreclosure, but allow homeowners to stay in their homes until ordered out by a judge.
The bill, entitled the Abandoned Property Neighborhood Relief Act would also create a registry of vacant properties to assist municipalities in enforcing local laws regarding property maintenance. Any fines collected would go into a fund to help hire more code-enforcement officers. Florida, New York and New Jersey hold the three highest rates of zombie properties, according to RealtyTrac.
Click here to read more on the Abandoned Property Neighborhood Relief Act.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
