Cincinnati Requires All Banks to Register Foreclosed Property
On March 12, Cincinnati Business Courier published an article titled Cincinnati City Council Requires All Banks to Register Foreclosed Property.
Please click here to view the ordinance. Following is the aforementioned article.
Cincinnati City Council requires all banks to register foreclosed property
The Cincinnati City Council voted 8-0 on Wednesday to require banks that foreclose on properties within the city to register and maintain the properties or face fines.
“Too big to fail should not mean too big to mow the lawn, “said Councilman P.G. Sittenfeld, the ordinance’s sponsor.
The ordinance expands a pilot program in five high-foreclosure neighborhoods – Westwood, West Price Hill, East Price Hill, College Hill and Madisonville – to all 52 Cincinnati neighborhoods.
The program’s aim is to make sure foreclosed properties do not lose their value because of vandalism or neglect and that city property codes, such as prohibitions against tall grass and standing water, are followed. Properties are inspected by the city at the beginning and end of the foreclosure process and documented via photos.
Neighborhood leaders joined Sittenfeld at a City Hall news conference on Wednesday to say that the requirement had led to noticeable changes.
Ken Smith, the executive director of Price Hill Will, said a feature of the ordinance that is particularly effective is a requirement that lenders provide contact information of a “real, living person,” instead of a general 1-800 number when they want to file a complaint.
The program is self-sustaining through its registration and fine structure, a $500 initial registration fee and a $500 annual fee. The fee is reduced to $50 if the bank installs an alarm system.
Please click here to view the online article.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.