Local legislators put their federal counterparts to shame when dealing with foreclosures
To protect neighboring property values and prevent health hazards that surround an unkempt, foreclosed home, the bill S66007 would require lending institutions to maintain the property so that it remains in a safe and habitable condition. To protect the tenant, the lending institution that acquires the foreclosed property must notify the tenant at least 90 days before taking legal action. The bill also mandates lending institutions allow tenants to stay in their homes for the remainder of the lease or 90 days after notification, depending on which amount of time is greater.
via SENATE AND ASSEMBLY PASS LANDMARK FORECLOSURE BILL | New York State Senate.
At the federal level they focus on bailing out financial institutions and not homeowners. The result is more despair across the nation. At least in New York State constituents can say that two state senators (Jeff Klein & Liz Kruger) and all those that voted for this bill are looking out for them and not just the banks. It’s fine to help enterprise when needed but you cannot leave the people hanging out to dry.
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