BETHPAGE, N.Y. (5/20/15)--Bethpage FCU is among the 11 financial institutions that will assist New York Gov. Andrew Cuomo in an initiative to wipe out neighborhood blight caused by foreclosed properties.
The participating financial institutions, representing 70% of the New York market, will adopt a set of best practices to combat the "zombie properties" afflicting communities throughout the state.
Bethpage FCU and the other financial institutions involved in the project have agreed to regularly inspect properties that fall into delinquency to determine if they are vacant and abandoned, and make sure that those properties are safe and properly maintained, among other measures.
The financial institutions will also report properties determined to be vacant and abandoned to a state registry to be developed by the New York State Department of Financial Services, which will share that information with local government officials.
The department will work with those local officials to address and escalate any concerns about maintenance with the financial institution or mortgage company that is servicing the loan.