Vacant and Foreclosed Properties Erik W. Fox. Foreclosed v. Abandoned Foreclosed property –There is an actual owner –Responsible for upkeep, maintenance.

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    17-Dec-2015

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  • Slide 1
  • Vacant and Foreclosed Properties Erik W. Fox
  • Slide 2
  • Foreclosed v. Abandoned Foreclosed property There is an actual owner Responsible for upkeep, maintenance and assessments Has assets Abandoned There is an actual owner Responsible for upkeep, maintenance and assessments Assets - ???
  • Slide 3
  • Foreclosed Property
  • Slide 4
  • Foreclosure Process Missed Payments Redemption Period Notice to Owner Publication Title Search Substitute Trustee Appointed Advertise Sale
  • Slide 5
  • Good News/Bad News Banks holding up foreclosures Eligible not applying for the reliefs being offered Process has slowed down Surrender in Bankruptcy But not transferring title Owner still liable Bank not pursuing as they dont want liabilities
  • Slide 6
  • What to do with Vacant Properties Only what you are permitted Check your documents Self Help? Charge maintenance back to the owner Lien the property for the work performed Liability for damage to property Entry into property Authority to impose violation charges
  • Slide 7
  • Maintenance by Association If you have the right to do the work Will you recoup your expenses? Bank owned & vacant Is there a management company Signs posted on the property
  • Slide 8
  • Slide 9
  • Maintenance by Association Abandoned property Not bank owned Still have right to do work Will you recoup costs
  • Slide 10
  • Determining Bank Owned or Abandoned Foreclosure sale notices Advertised in the local papers Provide time date of sale Provide the trustees name and contact information Substitution of trustee Filed in the county land records Provide trustees contact information
  • Slide 11
  • Slide 12
  • Other Options Dont have maintenance authority? Dont have violation authority? County has some authority to enforce property maintenance standards under the state code. High grass Open structures
  • Slide 13