New York now requires a notice prior to a foreclosure and mandatory settlement conferences. Reverse mortgages were previously not subject to these statutes.

The number of New York vacant and abandoned houses in foreclosure have skyrocketed in the past few years as a result of the incredibly long foreclosure process in New York, causing a blight on residential neighborhoods and prompting outrage from local municipalities. (See my article - Zombie Foreclosures Are They Coming For You?)