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ยป VISIT US ONLINE @ DSNEWS.COM 111 111 NEW YORK New York Legislation May Expedite Foreclosure Proceedings e New York Department of Financial Services has published a Consumer Bill of Rights to assist New York homeowners facing foreclosure, according to an announcement from New York Governor Andrew M. Cuomo. e announcement also states that a regulation regarding community blight has also been finalized. "ese reforms help ensure New Yorkers at risk of foreclosure know their rights, that banks and mortgage servicers are held to their obligations, and that neighborhoods across the state are protected from the blight of zombie properties, which threaten property values, as well as public safety," Governor Cuomo said. "ese steps will help protect the quality of life in our communities and preserve the American Dream in New York." Both actions include measures such as expediting foreclosure proceedings and updating the efficiency and integrity of the mandatory settlement conferences. e announcement reports that the Department of Financial Services is required to publish a Consumer Bill of Rights no later than 60 days after the new law takes effect, and with that, the court overseeing a foreclosure proceeding after that point is required to provide homeowners with a copy of the Consumer Bill of Rights at the initial mandatory settlement conference. "DFS is proud to put this vital legislation, signed by Governor Cuomo, into action with this final regulation and new Consumer Bill of Rights," Superintendent of Financial Services Maria T. Vullo said. "Homeowners will now be armed with the information they need to better navigate the foreclosure process, and entire communities will be provided assistance and protection with this final regulation in place." Additionally, the announcement states that after the new law takes effect, bank and mortgage servicers must complete an inspection of a property subject to delinquency within 90 days, as well as secure and maintain the property if the bank or servicer has a reasonable basis to believe it is vacant and abandoned. "Banks and mortgage servicers are required to report all such vacant and abandoned properties to DFS and submit quarterly reports detailing their efforts to secure and maintain the properties and the status of any foreclosure proceedings," the announcement stated. "e law also requires the creation of a zombie properties hotline to allow New Yorkers to report vacant or abandoned properties."