| By :
Frank Patrick
Lawmakers Force Banks to Maintain Foreclosures Once again, in the first quarter of 2010, an overwhelming number of foreclosures hit the housing market. A record number is expected again in the last quarter of 2010. And local lawmakers all across the country are moving to force the banks and financial institutions who are taking possession of these homes to perform the necessary property preservation services in a timely fashion, in order to prevent them from taking down whole neighborhoods with them. In Ocala, Florida, for example, the city council grew weary of complaints about overgrown yards, uncovered swimming pools turning into green cesspools and vacant homes either being broken into or getting vandalized. So they joined the 38 other communities in the Sunshine State by passing an ordinance obligating the banks, most of which are located out of state, to register the abandoned homes and hire property preservation companies to maintain the homes and keep them in compliance with city code. “This is so common in Florida now,” said John Cary, the city’s community services legal advisor. “I don’t anticipate there being a problem with most banks.” Meanwhile, the state of Colorado has taken a different approach that will undoubtedly keep their property preservation companies even busier. A new bill will speed up the process it takes to get a foreclosure to market for a sale, in order to prevent homes from sitting vacant too long and growing increasingly into a neighborhood eyesore. “Abandoned homes can quickly turn a family-friendly neighborhood into a safety hazard for children, a magnet for crime, and a drain on the property values of nearby homes,” said Gov. Ritter. “(The bill) will cut in half the time it takes to sell an abandoned home in foreclosure.” In Los Angeles, the problem is the same as in Colorado and Florida – too many foreclosures that have not had the proper property preservation trash out services. The city council there is also about to pass an ordinance similar to Ocala’s that forces the owners of foreclosures to maintain homes within the city code before they fall into disrepair. These lawmakers are not alone. All across the country, communities are getting increasingly frustrated at trying in vain to contact huge financial institutions that are failing to keep abandoned homes in acceptable condition. As foreclosures continue to dominate the real estate landscape and legislators are forced to take more and more action, it’s clear that property preservation companies will be in more and more demand – even as many of them are already working 7 days a week to handle the overload of foreclosure trash outs.
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