BABYLON, N.Y. (AP) — A Long Island village says they’ve approved creating of a registry of financially distressed properties.
The Babylon board of trustees says the Sept. 12 vote will enable the village to hold banks more accountable for the maintenance of foreclosed “zombie homes.” Newsday reports (https://nwsdy.li/2hjtQ1h ) these types of foreclosed homes can lower the property values of the neighborhoods in which they reside.
Village Attorney Joel Sikowitz says he hopes the village doesn’t have to use the registry but it gives officials leverage against mortgage holders.
Under the new statute, lenders would have to register any village parcel in default of a mortgage, facing foreclosure or already disposed of in a foreclosure sale. After this, lenders would carry out monthly inspections and renew registration every six months.
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Information from: Newsday, http://www.newsday.com