“Zombie” Homes in Buffalo

The City of Buffalo is joining the effort to pressure banks to reduce the amount of "zombie" homes.

Buffalo Comptroller Mark Schroeder said that he is ready to pull city funds from banks that allow properties to linger in foreclosure, which then leads to rundown properties and neighborhoods.

According to the Buffalo News, JP Morgan Chase is one of the banks that has already received notice for their slow progress on foreclosure properties.

Meanwhile, Assemblyman Michael Kearns is introducing new legislation that would require banks to notify homeowners of their rights to remain in a home until the foreclosure process is complete, which would then reduce the amount of "zombie" or "ghost" properties.