New York summit addresses foreclosure notification challenges facing residents, banks

New York, NY: Problems generated from incomplete foreclosures by banks had led to a two-day summit to create a dialogue between residents of the neighborhoods with the foreclosed housing troubles and the banks in control of the properties.

Due to lack of information provided on some homes left vacant as far back as 2009, city officials have had difficulties addressing code violations regarding the upkeep of the properties.

One of the goals of the summit is find a more accessible path toward maintaining information about foreclosed properties by giving banks or other entities in control of properties a simple way to provide updated contact information and plans for the properties.

Additional legislation will need to be discussed to avoid unnecessary penalties for homes that are vacant for years on end, but not falling into ready disrepair. Determining what properties are clearly abandoned, and then pushing those properties to the front for need of action by the city, presents further challenges.

​The discussion did not end with the summit. Parties involved will continue to flesh-out the details for how to proceed and how to keep an open flow of communication without causing undue burdens for both the city and residents, as well as the entities controlling the properties.

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