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78 Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin Combating Zombie Properties with Registries In recent years, New York has faced a rise of zombie properties, forcing both the state and local communities to brainstorm new ways to combat this legacy of the financial crisis. According to a new report, North Hempstead Town, New York, is considering creating a registry that would require banks and mortgage lenders to register properties that are in financial distress. According to Daniel George, who was hired by the town as a contractor to lead the initiative, the current estimate of 100 zombie houses is expected to rise as North Hempstead conducts inspections, Newsday reports. Officials said a registry of vacant zombie homes would generate revenue for the town, as mortgage lenders pay a fee for each registration and help municipalities track down the party responsible for the property. Meanwhile, other cities in New York are looking for ways to address their own zombie property issues. In recent years, New York has struggled with lingering foreclosure issues and urban blight related to abandoned properties. While foreclosures across New York have dropped by 46% since 2013, and the number of pending foreclosure cases in the state is down by half since 2014, New York State Comptroller omas P. DiNapoli warned earlier this year that "the foreclosure crisis is far from over," adding, "New York must continue to support the programs and reforms that have helped homeowners avoid foreclosure and communities reduce blight caused by zombie properties." "It's time to rethink how we deal with vacant and abandoned properties," said a white paper published by the National Mortgage Servicing Association (NMSA). In the paper, the NMSA discussed some "common sense, practical, and affordable remedies," aimed at reducing the costs of foreclosure practices and community blight. According to the white paper, titled "Understanding the True Costs of Abandoned Properties: How Maintenance Can Make a Difference," the typical foreclosed home can impose costs of around $170,000, $85,000 of which is attributable to vacant property requirements and condition. NEW JERSEY Freedom Mortgage and RoundPoint Announce Merger Freedom Mortgage Corporation and RoundPoint Mortgage Servicing Corporation announced they have entered into a merger agreement in which RoundPoint will become a wholly owned subsidiary of Freedom Mortgage. Founded in 2007, RoundPoint currently services and subservices approximately $91 billion in unpaid mortgage assets comprised primarily of agency loans. It also originates loans through its loan officers and its correspondent program. e transaction is subject to customary closing conditions and certain regulatory approvals and is expected to close in Q 3 or Q 4 2019. Following the merger, Freedom Mortgage's combined owned and subserviced mortgage servicing rights (MSR) portfolio is expected to be in excess of $300 billion. e merger also provides Freedom Mortgage with an active subservicing platform and broadens the scope of the company's co-issue origination network. NEW YORK Staying Alert on Urban Blight Erie County, New York, foreclosures were 33% during the first three months of 2019 compared to 2018, according to Erie County Clerk Michael Kearns, and to combat the rise of zombie properties in the area brought by the increased foreclosures, the Erie County clerk's office and New York State created the Zombie Foreclosure Task Force. Erie County is also working to start a new Neighborhood Foreclosure A.L.E.R.T. Program where municipalities can check a database to monitor foreclosures in their community, WKNY Buffalo reports. "With the WNY Law Center, we are going to partner with those municipalities and actually sue those banks that don't comply," Kearns told WKNY. "It can be a challenging task of determining who is responsible for upkeep on foreclosed homes," Kearns said. Kearns notes that excessive rain this spring is raising concerns of "zombie properties" becoming overgrown with grass and weeds. In recent years, New York has struggled with lingering foreclosure issues and urban blight related to abandoned properties. Foreclosures across New York have dropped by 46% since 2013, and the number of pending foreclosure cases in the state is down by half since 2014. However, New York State Comptroller omas P. DiNapoli warned earlier this year that "the foreclosure crisis is far from over," adding, "New York must continue to support the programs and reforms that have helped homeowners avoid foreclosure and communities reduce blight caused by zombie properties." New York Prince & Associates Realty Group Serving Suffolk and Nassau Counties 631.252.9539 princeaar.com Angela Prince Distressed Property Real Estate Broker New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com