Lenders Required To Maintain Foreclosed homes

One of the collateral effects of the foreclosure crisis is the ensuing blight brought on by abandoned and neglected homes. A bill, SB 1137, was signed in to law by the Governor allowing cities and counties to enact ordinances to force the the lenders to maintain the properties. Typical requirements are maintaining landscaping, draining pools and spas (a serious health consideration due to mosquitoes), repairing broken windows, and keeping the premises secured from squatters and vandals. Properties in disrepair lower surrounding property values, further exacerbating the general decline in property values.