City Council Votes to Require Bank Notification Of Any Foreclosure Action on City Housing
CITYWIDE — In an effort to improve the quality and timeliness of information available to the city regarding residential properties subject to foreclosure, the City Council has passed legislation that it believes will strengthen and support neighborhoods when a property in the community is facing foreclosure.
The legislation requires banks to notify the Department of Housing Preservation and Development (HPD) within 15 days of beginning foreclosure proceedings.
By providing the HPD with notice shortly after a foreclosure action is initiated, this bill will allow the department to focus its resources on providing support to more financially distressed properties.