In the continuing efforts of the Town of Babylon to limit and reduce the amount of deteriorating properties located within the town, the Town Board has established a Mortgage-in-Default Registry. Along with current policies and town codes, the registry is intended to assist in protecting neighborhoods from becoming blighted through the lack of adequate maintenance and security of abandoned properties subject to a mortgage in default.
Town Code 213-556(b)
Within 10 days of the date that the mortgagee declares its mortgage on a particular parcel of real property to be in default, the mortgagee shall inspect and register the real property with the Town's mortgage-in-default registry. The mortgagee shall include in the registration if the property is vacant or occupied.