SN Servicing fined for failing to maintain New York zombie homes
New York Department of Financial Services | January 21, 2019
SN Servicing must pay a six-figure fine for failing to maintain a pair of vacant homes in New York, the state’s financial regulator announced last week. Back in 2016, the state of New York enacted “sweeping” new laws aimed at reforming the state’s foreclosure process and addressing the state’s issues with zombie homes. Under the laws, lenders and mortgage servicers are required to report vacant and abandoned properties to the state and are required to maintain properties they believe to be vacant and abandoned.