MBA: Principles to Expedite the Foreclosure Process for Vacant and Abandoned Properties
Recently, the Mortgage Bankers Association released a white paper titled Principles to Expedite the Foreclosure Process for Vacant and Abandoned Properties. Versions created in part with the New York Mortgage Bankers Association and Ohio Mortgage Bankers Association have been made available.
Principles to Expedite the Foreclosure Process for Vacant and Abandoned Properties
Our nation’s recent financial crisis had a damaging effect on the residential housing market, and while the market is beginning to show tangible signs of recovery — with sales, new construction, and home values all gradually improving from the lows experienced in the recession — many communities continue to “carry scars from rampant foreclosures and vacant properties.”1
The recovery of the residential housing market is an ongoing process and one that requires wise solutions for the nation’s foreclosure inventory — particularly the current backlog of vacant and abandoned properties — to continue successfully. These vacant and abandoned properties cause numerous harms, as they devalue neighboring properties when they fall into disrepair and escalate maintenance and administrative costs for local officials, communities and mortgage servicers. It is also very difficult for neighborhoods or communities that have suffered significantly to recover, as the limbo status of these properties prevents new ownership opportunities and offers difficult to control locations that attract criminal activity.
It is clear that vacant and abandoned properties are impeding a full economic recovery and neighborhood revitalization efforts. To address this, state legislators across the country are considering expedited foreclosure legislation as a promising solution.
1 “Policy Considerations for Improving Ohio’s Housing Markets,” A Staff Report of the Federal Reserve Bank of Cleveland (May 22, 2013).
Please click here to view the New York Mortgage Bankers Association version [pdf] in its entirety.
Please click here to view the Ohio Mortgage Bankers Association version [pdf] in its entirety.
Please click here to view an MBAlert (3/5) featuring articles pertaining to expedited foreclosure methods and New York’s recenty re-proposed Abandoned Property Neighborhood Relief Act.
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.