LOS ANGELES BOMBSHELL!! New City Ordinance Requires Banks that hold vacant properties to maintain or PAY $$!!!
This just in from LAPD Assistant Chief Earl Paysinger, regarding property maintenance and upkeep on foreclosures.
The objective is to get properties protected from squatters and "Rent-Skimmers" who claim to be owners and rent these homes to unsuspecting victims, as well as the quality of life issues involved.
A new Los Angeles City ordinance sponsored by City Council President Eric Garcetti was recently passed that now compels banks and other financial lending institutions that own vacant, dilapidated and/or nuisance properties in the City of Los Angeles to keep them clean and safe.
The ordinance now makes these firms responsible for maintaining the properties as soon as they issue a notice of default.
The City now has a legal means to ensure that banks which have foreclosed on these properties do not allow them to become a haven for crime and disorder in our neighborhoods.
In addition to requiring banks to register their defaulted homes with the City, the ordinance also allows the City to levy a of $1,000 a day per code violation.
Community members are encouraged to immediately report problems properties in their neighborhoods via the City's 311 hotline.
This is yet another powerful and effective tool to help us prevent blight in our communities caused by these nuisance dwellings.
Here is an internet link to a recent article that appeared in the Los Angeles Times which provides additional detail about this initiative.
http://www.latimes.com/news/custom/scimedemail/la-me-derelict-homes-20100711,0,6945778.story
