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Legislation amending the New York State Real Property Actions and Proceedings Law (Zombie Property Law) now provides New York municipalities with a new and effective enforcement tool to address blight and to prevent further devaluation of homes in their communities. This law is aimed at addressing the “zombie” property phenomena by requiring banks and lenders to take, among other things, timely pre-foreclosure action to identify, secure and maintain abandoned homes. A lender faces [...]

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