And we’re not just talking about D-Fish signing for another three years!
The City of Los Angeles Department of Consumer Affairs has advised us that on Thursday, July 8, 2010, a new law went into effect in the City of Los Angeles that makes mortgage lenders responsible for maintaining their foreclosed properties. Here are the top seven things you should know about this “City of LA Foreclosure Registry Program:”
- Effective Thursday, July 8, 2010.
- Makes mortgage lenders responsible for cleaning up their foreclosed properties to prevent further blight and nuisance.
- Makes mortgage lenders responsible for maintaining the property as soon as they issue a Notice of Default.
- Allows the City to fine mortgage lenders $1,000 per day per violaton, up to $100,000.
- Requires mortgage lenders to register their inventory of homes in default with LA City to help building inspectors identify who owns foreclosed and abandoned homes.
- Applies to foreclosed homes in the LA City only.
- Consumers can report problem properties to LA City’s 311 hotline.
Here is a link to the the ordinance, which is in the Article 4 to Chapter XVI of the Los Angeles Municipal Code: http://clkrep.lacity.org/onlinedocs/2009/09-0365_ord_181185.pdf. For questions about the new ordinance, please contact the City of Los Angeles Department of Consumer Affairs:
Inside LA County: (800) 593-8222
Outside the County: (213) 974-1452
For the Hearing Impaired (TTY): (213) 626-0913