Wednesday, June 22, 2016

Zombie Law Looks Close

      A new law will require a state registry of "zombie homes".  These properties in foreclosure will be required to be kept in repair by the bank holding the paper.
      Sounds good, but it's yet to be seen what constitutes keeping it repaired.  Hopefully this helps.
       What we are still waiting for is proposed and promised local legislation to repair said properties.
http://www.wwnytv.com/news/local/Local-Lawmaker-Applauds-Zombie-Home-Measure-383992931.html

4 comments:

Anonymous said...

Educate me if I'm wrong, but here goes. If the banks are looking at added expenses to maintain these houses, won't they just unload them for even less, then pass the loss along to the original owner who likely filed bankruptcy? This would only pass the loss onto the person who couldn't maintain payments in the first place. Tell me how this works, posters.

Anonymous said...

Not all owners file Bankruptcy some folks are in the military, and the VA allows them to "walk away" from their mortgage if they transfer from Ft. Drum, this lends to the problem...

Anonymous said...

Great for the Zombie on the council.. how appropriate..

Anonymous said...

thank you, 8:48