Nebraska Bill Creates Notification Process for Code Violations on Foreclosed Properties
On February 26, Legislative Bill LB-151 was approved by the Governor of Nebraska.
Nebraska LB-151 Summary of Purpose and/or Changes (Urban Affairs Committee 1/20/15)
LB 151 creates a notification process for code violations on foreclosed properties. Upon a complaint for foreclosure of a mortgage or a notice of default for a trust deed, and within five days of a request by a city or village, the mortgage holder or trustee shall provide the name and address of a person designated by the mortgage holder or trustee to accept notices of violations by the owner of the foreclosed property. Failure to provide a designated contact person does not impact the validity of a complaint for foreclosure or notice of trust deed default in any way, and the requirement to provide a designated contact person does not create a duty to maintain the property. A designation terminates upon transfer of fee title ownership to the property.
Please click here to view the full text of LB-151 [pdf].
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.