The new law can be found at Real Property Actions and Proceedings Law section 1393 and it basically cuts against the trend of local towns and villages enacting laws that require lenders to maintain foreclosed property - for example, here is the one in Smithtown New York. Specifically, it restricts these laws, which are problematic because they often required action on defaulted mortgages that were not yet in suit. Now, this new law requires a notice of pendency to have first been filed in a court before these laws can be effective. Smart.
Regardless, this is the beginning of the new focus on foreclosure trend that will be coming to all of us soon when we all start paying our heating bills.
Happy Thanksgiving.
