An ordinance was passed by Tampa,Hillsborough County, City Council last week that requires lenders to register all properties within the city once foreclosure proceedings have started. By registering these properties, the lenders become responsible for the maintenance and security that these properties will require. There will be a fee to lenders for registering foreclosed properties which will go into the city's coffer. The amount of the fee is still undetermined; however a set price should be decided within the next couple of months.
There are many pros and cons to this ordinance. Some believe that with the incredible amount of foreclosures that are flooding the market , something must be done to maintain these properties. Yards are overgrown, windows are broken, unattended swimming pools are a dangerous hazard and crime is flocking to neighborhoods where foreclosures are abundant. The registry will force the lender to be responsible for these properties.
On the other hand, many are urging the city to terminate the ordinance, under the belief that it's not fair to hold the banks responsible for the properties before the foreclosure process is complete. Holding the lenders responsible for the property's maintenance when they don't own the property is not an appropriate way to handle the situation.
What do you think? Do you think that the city should continue with the ordinance, and hold the lender responsible for the maintenance of the property once the proceedings have started on the foreclosure or do you think that there is another way that this situation should be handled?
