The Palm Beach Post editorial board today throws it’s support behind a bill (HB 1397) from Rep. Julio Robaina, R-Miami, to require lenders pay, within 15 days of filing a foreclosure, all unpaid fees owned to condo and homeowners associations.

Everyone pays, directly and indirectly, for these often vacant, blighted foreclosed properties. Abandoned homes can pose public safety hazards and further deflate property values. Cities and towns may have to maintain the properties at taxpayer expense. Nearly two-thirds of the 1,589 condo and homeowner associations surveyed recently by the law firm of Becker & Poliakoff say they face financial problems because of the foreclosure crisis. Homeowners who can’t pay their mortgage often don’t bother with association dues. Lenders that have been slow to foreclose often don’t pay outstanding maintenance fees.

The crisis requires a coordinated response from the state and from county governments. Counties should follow the lead of cities that are passing ordinances to require the upkeep of foreclosed properties, regardless of who owns or holds title. Boston required companies to register foreclosed properties with the city, identify who is responsible for maintenance, post the contact information on the property and pay a $100 annual fee on each vacant home.

Rest of the editorial here.

Tags: foreclosures

This entry was posted on Sunday, March 8th, 2009 at 8:57 am and is filed under legislature. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.