We all knew it was coming. Local governments are now getting into the foreclosure mess:
A new law was passed in DeKalb County which will affect all properties that were foreclosed after October 27, 2010, in the Dekalb portion of Atlanta and unincorporated DeKalb county .
The DeKalb County Foreclosure Registry was established "as a means to protect neighborhoods from becoming blighted through the lack of adequate maintenance and security as a result of properties that are foreclosed or where ownership has been transferred after foreclosure."
The foreclosing lender is now required to "register" the property with the county and to pay a non-refundable registration fee of $175. The fee must be paid within 30 days of the foreclosure. Registration must be completed electronically on the DeKalb County website, and then a hard copy of the form must be submitted in person or by mail along with payment in cash or by check. Failure to register a foreclosed property will be subject to a penalty of $1,000 per day up to $100,000 (per property)!
If the foreclosing bank does not have an office in the metro Atlanta area (defined as Clayton, DeKalb, Fulton, Gwinnett, Henry, and Rockdale counties), the bank must designate a local property agent on the registration form, and this agent will be responsible for the security and maintenance of the property in compliance with the DeKalb County Code.
There are no written exceptions in the new law for HUD, VA, or other entities such as Fannie Mae. Agents, buyers, and closing attorneys should be aware of this law and confirm before a foreclosure resale that any DeKalb County fees have been collected.
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