California Foreclosure Update: New registration requirements for foreclosed properties may lead to penalties, fines for lenders

more+
less-

Originally published in Western Real Estate Business, October 2012.

The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed properties. Adjacent property owners have complained that the abandoned properties’ lack of security and maintenance have resulted in a variety of nuisances and blight of their surrounding neighborhoods.

Affected cities, and some counties, have attempted to combat this problem by placing the burden on lenders to register foreclosed properties with the city or county, and then to comply with ongoing registration and maintenance requirements. Accordingly, lenders need to be aware of whether local ordinances require registration of the real property securing their loans, and whether penalties could be imposed for noncompliance.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Abandoned Property, Foreclosure, Lenders, Local Ordinance, Nuisance

Published In: Administrative Agency Updates, Finance & Banking Updates, Residential Real Estate Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Snell & Wilmer | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »