reo: Lenders face fines if they allow foreclosed homes to become run-down
- 04/29/08 12:03 PM
The California State Senate has just taken steps to end neighborhood blight caused by the lack of maintenance on foreclosed property. Banks and mortgage companies will face fines of $1,000 per day if they allow foreclosed homes to become run-down and a source of neighborhood blight under a bill that passed the state Senate on Monday.The state has one of the highest foreclosure rates in the nation, especially in the Central Valley. In many cases, the vacant properties are overgrown with weeds and shrubs, and they have become magnets for squatters and vandals. Swimming pools often become stagnant, turning into breeding … (6 comments)
The California State Senate has just taken steps to end neighborhood blight caused by the lack of maintenance on foreclosed property. Banks and mortgage companies will face fines of $1,000 per day if they allow foreclosed homes to become run-down and a source of neighborhood blight under a bill that passed the state Senate on Monday.The state has one of the highest foreclosure rates in the nation, especially in the Central Valley. In many cases, the vacant properties are overgrown with weeds and shrubs, and they have become magnets for squatters and vandals. Swimming pools often become stagnant, turning into breeding … (6 comments)
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