Collier County Persuading Banks To Maintain Foreclosed Houses
December 2nd, 2008
The foreclosure crisis is getting from bad to worse in Collier County. Nevertheless the county is making some progress in persuading banks to maintain vacant repossessed repo houses. Lawns are being trimmed and even stagnant pools cleared by the lenders.
According to county officials the code enforcements measures kicked off from 6th November 2008 and has caused the county to save thousands in dollars that would have been spent on maintaining the vacant foreclosed units.
Mario Bono is the prime foreclosure investigator of the department. He said, “We have had the most unbelievable experience with the banks. It’s been a real good marriage.”During the previous three weeks the code enforcement department had been channeling all its foreclosure cases through one person. To maintain properties banks have had to spend anything from $20,000 to $30,000 according to the estimates of the county. The entire amount does not calculate to a savings for Collier County. If the banks had not come forward the onus would have been on the county to maintain the lawns and clear the garbage. Bono explained that despite the fact that the county places a lien on the houses that are neglected it takes months and sometimes years to collect the funds and realize expenses incurred. Sometimes it is not collected at all.
The programme kicked off when it came to the notice that they were worrying the banks with individual wishes commented Daine Flagg who heads the code enforcement department. She added, “Some of the feedback from the banks was ‘Give us a single point of contact.’
Today as soon as the department gets a complaint the investigators set out to see if the unit has been foreclosed or is undergoing the process. Then Bono compiles the contacts between the banks and the mortgage servicers. Considering the struggle that is going on between banks and the local administration over the issue of maintaining vacant foreclosed houses, this is a major breakthrough and example of cooperation.
In the previous year Buffalo city had been taking legal action against banks to fix these problems. In the summer of this year California government gave cities the authority to impose fines on banks to the tune of $1,000 per day for neglecting properties. In Florida a good number of counties like Collier and Bonita Springs are thinking of means to compel the banks to register the houses they are foreclosing upon.
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- Foreclosures Can Do Great Harm to Credit Scores
- The Horrific Reality of Abandoned Foreclosed Houses
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