RPAPL § 1308 (Zombie Property Maintenance)
N.Y. Real Property Actions and Proceedings Law § 1308
RPAPL § 1308 imposes on first-lien mortgagees and their loan servicers a duty to inspect, secure, and maintain vacant and abandoned one-to-four-family residential real property securing a delinquent loan. The servicer must complete an exterior inspection within 90 days of the borrower's delinquency and continue inspections every 25 to 35 days thereafter; upon determining the property is vacant and abandoned, it must post a vacancy notice and then secure and maintain the property. Violations carry civil penalties of up to $500 per day per property, enforceable by the Superintendent of Financial Services (NYS DFS) and by the municipality where the property is located.
Who must comply
Other NYS DFS regulations
3 NYCRR Part 38 (Mortgage Disclosure & Advertising)
3 NYCRR Part 38
3 NYCRR Part 79 (Reverse Mortgages)
3 NYCRR Part 79
3 NYCRR Part 82 (Alternative Mortgage Instruments)
3 NYCRR Part 82
Banking Law § 6-l (High-Cost Home Loans)
N.Y. Banking Law § 6-l
Banking Law § 6-m (Subprime Home Loans)
N.Y. Banking Law § 6-m
Banking Law Art. 12-D (Mortgage Bankers & Brokers)
N.Y. Banking Law Article 12-D (§§ 589–599)
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