NY Creates ‘Bill Of Rights’ For Residents Facing Foreclosure
ALBANY, N.Y. (AP) — New York state has published a "bill of rights" for home owners facing foreclosure.
Democratic Gov. Andrew Cuomo announced the move Wednesday. It's one piece of a broader effort to help New Yorkers struggling to stay in their homes.
The bill of rights reminds residents that they have the right to stay in their home and the duty to maintain it during the foreclosure process. It also lets residents known they have a right to be properly notified before a foreclosure suit is filed.
The state's Department of Financial Services also completed new rules designed to address a wave of abandoned properties left in the wake of the recent housing crisis. The regulations include a requirement that lenders report vacant properties to the state.
[STORY BY: THE ASSOCIATED PRESS]