As a condition of prosecuting a mortgage foreclosure anywhere in New York City, how amenable would a lender or servicer be to registering with the city, obtaining and posting a bond and assuming responsibility for all property maintenance for the life of the action? These are bizarre notions but are precisely the stated written intentions of the legislative body.
Understandably concerned that some mortgaged properties in default are not being maintained, the city council of New York proposes three bills related to shifting the maintenance responsibility from owners to mortgage lenders. These impositions, however, are draconian, confusing, of questionable legality and will assuredly render the ability to prosecute many foreclosures prohibitively expensive. How they will affect the ability to even obtain a mortgage is another compelling concern.
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