Servicers Face New Requirements on NY Vacant REOs
The New York Abandoned Property Neighborhood Relief Act of 2016, recently signed into law by Gov. Andrew Cuomo, seeks to ease neighborhood blight by imposing new duties on mortgagees or their servicing agents to inspect and maintain abandoned properties secured by a delinquent mortgage.
$2.5 Million NY Foreclosure Dismissed
A foreclosure action on a $2.5 million home loan has been dismissed by a state judge in New York because the statute of limitations was exceeded by the mortgage lender.