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Ocwen Financial and its subsidiary PHH Mortgage on Monday were reviewing allegations that they had not completed foreclosures in a timely manner on 18 abandoned properties in New York, the top state for so-called “zombie” real estate issues.
Albany, Schenectady and Troy have coordinated legal actions against Ocwen and PHH under
New York’s zombie property law, according to a press statement posted online July 28. Under the law, a civil penalty up to $500 may be issued for each day a violation exists on an abandoned property. New York enacted the legislation a few months before the COVID-19 pandemic hit the U.S., in December 2019. The properties involved have a total of 502 state building code violations, the cities allege.
Schenectady, Albany and Troy join forces to sue N.J. bank they say is responsible for 18 zombie properties | The Daily Gazette
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Schenectady, Albany and Troy join forces to sue N.J. bank they say is responsible for 18 zombie properties
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TROY – The Capital Region’s three largest cities have coordinated a series of lawsuits against Ocwen Financial Corp., a New Jersey bank that is said to be responsible for failed maintenance of 18 “zombie” properties, according to mayors of those communities.
In the foreground of a blighted, single-family home that’s been relegated to zombie status while amassing 57 state code violations, mayors for Schenectady, Albany and Troy Wednesday said their communities had sued Ocwen Financial Corp., and its subsidiary, PHH Mortgage, which they said had left the 18 homes in limbo by not completing the foreclosure process.
Upstate NY cities join forces to sue N J bank over zombie homes auburnpub.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from auburnpub.com Daily Mail and Mail on Sunday newspapers.