Effective as of December 18, a new section 1392 of the real property actions and proceedings law has been enacted which authorizes local governments to commence judicial proceedings in courts of competent jurisdiction to compel mortgagees to either complete mortgage foreclosure actions or to issue certificates of discharge for the mortgage for properties that have been certified as abandoned pursuant to real property actions and proceedings law section 1971.
This legislation is designed to financially benefit municipalities in allowing them to reclaim and redevelop "zombie properties"in order to return them to the property tax rolls.
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