NYDFS Slaps PHH Mortgage With $119,000 Fine For One Property

NYDFS Investigation Found PHH Mortgage Failed To Maintain Single Foreclosed Property

PHH Mortgage
The state of New York fined PHH Mortgage $119,000 for not maintaining this foreclosed home in New Lebanon
New York has issued its first fine under its new Zombie Home Law. The lucky recipient is PHH Mortgage.

The state of New York enacted the laws in 2016 to address the state’s issues with zombie homes.

New York requires lenders and mortgage servicers to report vacant and abandoned properties to the state. The law requires servicers and lenders to maintain the properties they believe to be vacant due to foreclosure.

NYDFS also has the power to slap a fine of $500 per day per property on the lender or servicer.

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