For all of you Los Angeles agents here is the NEW ORDINACE from The City of Los Angeles on Foreclosures.
Below are the facts of this new ordinance: The City of Los Angeles Foreclosure Registry Effective July 8, 2010
1. Registration fee: $155-Per Property for 1 year. Must be done on properties who currently have a NOTICE OF DEFAULT, including occupied homes, within 10 days of the NOD being recorded. OR for all current properties that “qualify”/”meet requirements” have 30 days from date of ordinance (Aug. 7, 2010). CHECKS AND REGISTRATIONS ARE DONE THROUGH The Los Angeles Housing Dept.
2. If property is occupied, it must be inspected monthly by the beneficiary or his designee.
3. If property is vacant, weekly inspections must be made, maintain property free of debris, trash, lawns well kept, etc.
4. Failure to comply with registration of foreclosed property, the beneficiary/trustee shall pay a fine of $250 per day.
5. Any responsible person in charge of structure may be liable for an administrative penalty of $1,000 per structure per day, NTE $100,000 per calendar, unless:
-statement of intent has been filed and approved by superintendent
- Building has been posted as required by Section 98.0714 of this code
- One of the following: A: Structure is an active building permit for repair, rehab, pr demolition and owner is proceeding in good faith to complete the repair, rehab or demo. B: The structure is maintained compliant w/this division and is actively being offered for rent, sale or lease. C: Responsible person can demonstrate that he or she made diligent and good faith to implement the actions set forth in the statement of intent w/timeline contained.
- If the structure continues to meet the def. of Vacant structure beyond the initial 30 calendar days and the responsible person does not meet any of the exceptions set forth in this section, Superintendent may impose the $1,000 penalty per structure per day.
6. Post on the property the property managers name, address and 24hr contact phone.
7. The registration of the foreclosed property shall NOT apply if the lender has registered the property through MERS (Mortgage Electric Registration System). The bank can advise us/listing agent if it is registered w/MERS.
8. You must report any change (lender contact info, change in address, no longer vacant, etc) within 10 days of change (COE) to the LAHD.
I have attached a copy of the ordinance, registration form and some info for review, and below is the link for this info:http://lahd.lacity.org/lahdinternet/ForeclosureInformation/tabid/418/Default.aspx