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Foreclosure Maintenance Fee Facing MD Property Owners

Published April 11, 2011 in Bank America Short Sales - 0 Comments

Some areas of the nation are facing still-growing foreclosure rates. In MD, it’s even higher. A fee is intended to address several of the troubles associated with foreclosures. One Maryland county is hoping that fee could be the solution. Allowing a home to fall into disrepair would also trigger a criminal charge, under this new bill. Article source – Maryland charging a foreclosure maintenance fee by MoneyBlogNewz.

Maryland’s high foreclosure rate

Foreclosures in MD have been large for quite some time. This has been the case since 2008 when the housing collapse happened. Prince George County in Maryland has had one foreclosure for every 457 homes thus far in 2011. Property values are going down a lot with the people that refuse to maintain homes in Prince George County while inventory goes up. Not only does this lead to urban blight, Prince George County tax revenues are falling.

Appeal for foreclosure fees

In order to do something with homes that aren’t maintained, Prince George County has been trying to appeal to state lawmakers. A fee is something the county wants to put on foreclosed homes. It would be $75 a year. In order to pay contractors to clean abandoned houses, the money would be put in a county fund. Another payment would have to be paid on top of anything. This is even worse when you consider foreclosed is just a short term personal loan. There would be rights given to the county to hire inspectors. These inspectors would go to all foreclosed homes there.

Difficulties with foreclosure cost

Property values would improve a lot with the short term installment loan that a foreclosure payment would be. It would help the foreclosed homes stay taken care of. The payment, however, could be the equivalent of trying to squeeze blood out of a turnip. It was already stated that the homeowner would not be responsible for the $75 fee. This was mentioned by the county. Banks would end up having to pay the fee on any properties that are not maintained. In fact, it would be a per-house payment sent to banks. The county would have to discover a way to make sure that the fee gets paid. It could be done by simply creating a civil misdemeanor offense for not “keeping a property up to neighborhood standards.”

Articles cited

Washington Examiner

washingtonexaminer.com/local/maryland/2011/02/pg-council-wants-charge-fee-foreclosure-cleanups

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