New York Attorney General Eric Schneiderman said he will propose a bill that would regulate how the state's mortgage lenders treat property during the foreclosure process.
The measure, which would be an expanded version of legislation proposed during the last legislative session, focuses on curtailing so-called zombie properties or vacant and abandoned homes left unmaintained during a long foreclosure proceeding.
The measure will also direct mortgage lenders to notify borrowers who fall into arrears on their mortgage loans that they have the right to remain in their homes until a judge declares the foreclosure complete, the attorney general's office said.
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