New York Attorney General Eric Schneiderman says he plans to introduce legislation to get banks and mortgagees to better maintain the vacant properties. He wants to double the number of nonprofit land banks that can buy abandoned and foreclosed homes and rehab or demolish them, HousingWire reports.
New York isn’t alone in being haunted by the “zombie property” epidemic. As of mid-2013, 300,000 zombie foreclosures were in neighborhoods across the U.S., according to statistics from RealtyTrac.
Vacant properties where lenders haven’t completed the foreclosure process or taken possession of them yet have been dubbed “zombie properties.”