Aurora Foreclosed/Vacant Properties

Aurora City Council passed a measure Monday, January 26th, forcing banks and lenders to maintain foreclosed and abandoned properties in Aurora or face fines. With the many vacant and abandoned properties throughout the City, something was needed to be done to maintain these neighborhoods.

Aurora has experienced an abundance of foreclosures in 2008, and is expected to grow.

With this new measure, banks/lenders are required to complete a monthly inspection list to ensure these new codes and standards are adhered. It is expected for banks/lenders to register vacant or abandoned properties with City of Aurora, and failure to do so could result in a fine of $200 per property.

With this new measure, could result in banks needing to access properties while tenants still living in a property, which will increase their legal and financial exposure. This should help these properties from looking vacant/abandoned, therefore reducing the likelihood of criminal activity in these neighborhoods.