Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Proposed ordinance in Coral Gables requires banks to maintain foreclosed homes

City commissioners tentatively approved an ordinance Tuesday that will require banks to maintain foreclosed homes in Coral Gables. This new ordinance will increase the annual cost of keeping a property on the city’s registry of abandoned homes, allow police to issue trespassing warnings on those properties and allow the city attorney and city manager to take legal action against lenders.

The move is in an effort to keep banks focused on dealing with the amount of abandoned properties and get them back on the market quickly so property values do not suffer. The registration fee is increasing from $200 to $600 annually. This will cover the city’s “additional costs in monitoring the property,” according to the ordinance. This registration will also give police the ability to issue trespassing warnings to squatters. At present time, 94 homes in Coral Gables are listed as bank-owned, according to RealtyTrac.

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