Published On: Mon, Feb 16th, 2015

NY AG Eric Schneiderman to Scare Banks over Zombie Homes

Eric Schneiderman wants banks to take more responsibility for homes before throwing defaulters out in a foreclosure

Zombie Home

New York Attorney General Eric Schneiderman is battling zombies. This isn’t a reality horror show with political themes, or at least, that isn’t the plan. Schneiderman is proposing legislation to reduce the number of “zombie” homes, or those homes that stand vacant between the time the owner leaves when the property is foreclosed on and the bank seizes the home. The Abandoned Property Neighborhood Relief Act is designed to give banks more responsibility for maintaining homes earlier in the foreclosure process and to allow homeowners who default on their mortgages to stay in their homes longer so they don’t leave the home empty.

Schneiderman told Newsday, “Leaving zombie properties to rot is unfair to municipalities, unfair to neighbors who pay their taxes and maintain their homes.” The problem is growing particularly in Central New York, but has increased in the entire state to the tune of 54% in the past year. Zombie properties decreased nationwide by 6% in 2014.

Other issues the New York Attorney General has been false labeling of herbal supplements that lack the active ingredient advertised, phony debt collection rackets, and banking practices.

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