Safeguard Properties

<- Return To Industry Updates

NY Governor Signs “Zombie Property Remediation Act”

Legislation Update
December 18, 2019

Source: The New York State Senate

Additional Resource:

WRGB CBS 6 (Governor Cuomo signs legislation, addressing plague of zombie properties)

Sponsor Memo:

SPONSOR: SKOUFIS

TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to authorizing municipalities to compel mortgagees either to complete a mortgage foreclosure proceeding pursuant to article 13 of the real property actions and proceedings law or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to section 1971 of the real property actions and proceedings law

PURPOSE:

Permits a municipality to compel a mortgagee to either complete a mortgage foreclosure proceeding or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to real property actions and proceedings law section 1971. Thousands of abandoned properties are blighting communities throughout the State of New York. Complicating the efforts of local government officials to deal with these properties that depress surrounding property values and put on a strain on municipal resources are zombie properties. Zombie properties sit in legal foreclosure limbo for years, frequently abandoned by the property owners, generally deteriorating sometimes to the point that the buildings must be demolished while the mortgagee fails to complete the foreclosure process.

SUMMARY OF PROVISIONS:

Section 1 of the bill sets forth the Act’s title: “Zombie Property Remediation Act of 2019”.

Section 2 adds a new section 1392 of the real property actions and proceedings law 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.

JUSTIFICATION:

By enacting this legislation, municipalities will be able to better address the “zombie properties” that are plaguing communities across the state.

LEGISLATIVE HISTORY:

Assembly
2015-16: A9655-A – Referred to Judiciary
2017: A1563-A – Referred to Judiciary
2018: A1563-A – Referred to Judiciary; Reported, referred to Codes

Senate
2016: S7295 – Referred to Housing, Construction and Community Development

FISCAL IMPLICATIONS:

None to the State. This legislation should financially benefit municipalities in allowing them to reclaim and redevelop “zombie properties”in order to return them to the property tax rolls.

EFFECTIVE DATE:
This act shall take effect immediately.

Related Posts

Ginnie Mae Acting President Sam Valverde Announces Resignation

Sam Valverde, Acting President of Ginnie Mae, will step down, effective November 30, 2024.

Read More

FEMA Fire Management Assistance Declaration – New York Jennings Creek Fire

FEMA has issued a Fire Management Assistance Declaration for the state of New York in areas affected by the Jennings Creek Fire on Nov. 8, 2024.

Read More

<- Back To Newsroom Next Article ->

Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies.

x

CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

x

Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

x

COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

x

CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

x

Business Development

Carrie Tackett

Business Development Safeguard Properties