When you drive by a foreclosed home
and see dead grass, dried up shrubs and general disrepair, don't you
wonder who in the heck is supposed to be maintaining these deserted
homes? They are an eyesore and certainly don't cast any neighborhood in
a positive light.
San Diego's Land Use and Housing
Committee is scheduled for a formal hearing on July 11 to address this
exact issue - they'll be discussing a new measure to hold the banks
accountable for the maintenance of foreclosed homes.
will require banks to register every home in the city of San Diego that
is going through the foreclosure process, and they must pay a fee to
maintain their foreclosure databases. They'll also be fined up to
$1,000 per day if they fail to maintain these homes properly.
Also, during the foreclosure process, banks will also be required to
establish a point of contact for homeowners during the filing of the
notice of default (NOD). 70% of San Diego residents polled in April
2012 favored this measure that would combat unsightliness in their
It is suggested by real estate experts that speculator-owned properties should also be
included in these ordinances, as speculators with vacant homes waiting
to be flipped are in the same position as an REO lender waiting for the
flip opportunity after taking title.
The unsightliness brought on
by the high incidence of foreclosures has become of tremendous concern
to homeowners who continue to remain as occupants in their own homes.
Increased crime and a decrease in home values for neighboring homeowners
leaves them powerless in trying to maintain the integrity of their
Simultaneously, this same ordinance coverage is being
addressed by an array of bills in the California Homeowner's Bill of
Rights, which would likewise impose a $1,000 per day fine against any
lenders who obtained blighted property through foreclosure or blighted
property owner who purchased a vacant property at a trustee's sale.
Should this be passed into law, this new measure will give the
purchasers of blighted properties (speculators), 60 days from date of
purchase to make repair to the property.
Ownership brings with it the accountabilities of keeping up properties. Hit them where it hurts the most
. . . in their pocketbooks, and hopefully this will encourage them to