Foreclosure Registry Set To Go Into Effect

Yes inquiring minds are reading about DeKalb, GA, and their new foreclosure registry set to go into effect. The idea is to make banks that foreclose on properties responsible for the maintenance of them. One story mentioned was:

Marvel Wilson lives next door to a foreclosed townhome with filth everywhere, including roaches and rodents. There is no good way to hold the owner, which is probably a bank, responsible.

“A year. I’ve been complaining for a year and I’m out of patience right now,” Wilson said.

The problem is, until she tracks down the owner, there’s little that can be done.

“Almost helpless. It is really, really frustrating,” said Wilson.

Nadine Rivers-Johnson said the new ordinance DeKalb County passed last month will be a big help. Starting Oct. 25, banks or anyone else who forecloses on property will have to pay $175 to register with the county. Every day they don’t, they’ll be fined $1,000.

DeKalb County Commissioner Connie Stokes said, “The intent really is to let people know there are consequences if you don’t take care of these properties.”

Tuesday night, several bankers and attorneys had concerns about the new rules.

Banker Michael Keller said, “We’re all concerned about it. We all want to do the right thing, but we want to make sure we do it the right way…and not be fined for something because we’re making a mistake because we don’t understand the process.”

Bankers said the ordinance is too vague. County leaders said they are still working out some details and promise to post the final ordinance before the deadline.

Unfortunately, this has been tried here in California. And with terrible results. Vacant homes have continued to sit in the the Inland Empire due to foreclosed homes running up huge fines. The banks don’t want to, or can’t, pay off these fines. It is a problem that is more complex than originally thought, and still needs some work.


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