Federal Property Registration Corporation
January 17th, 2010
Several municipalities have enacted or are considering enacting Vacant (or foreclosed) Property Registration ordinances utilizing the Federal Property Registration Corporation (Website/Scope of Services) for processing and tracking.
Provided below is an article from the Pinellas Park (FL) Beacon discussing their recently enacted ordinance and the role of the Federal Property Registration Corporation. Additional links below provide information on other areas of Florida that are considering similar measures.
City council OKs property default measure
New ordinance applies to vacant, occupied foreclosed properties
PINELLAS PARK – Foreclosed properties in the city now need to be registered.
The City Council passed at its Dec. 10 meeting on second and final reading an ordinance which applies to properties with a mortgage that is in default whether the property is vacant or occupied.
The mortgage company now needs to have the property inspected weekly if it is vacant and monthly if it is occupied. They also need to put a sign on the premises with contact information so if there is a problem at the property the city code enforcement or police or fire knows whom to reach.
Under the measure properties must be registered. The property needs to have a local property manager within 20 miles of the city that will oversee security and maintenance of the property, said Susan Walker, neighborhood services administrator.
Federal Property Registration Corporation will facilitate the foreclosed property registration process.
The council also approved an agreement with them.
“Our program helps communities manage foreclosed properties,” said FPRC’s Jim Madden of Madeira Beach.
FPRC gets involved in the process early. They trace the foreclosure and alert the city so they have an early opportunity to know a property is being foreclosed. They identify a responsible party so they can maintain the property, Madden said.
“This is certainly a need, not just in our community,” Councilman Ed Taylor said.
The city does not spend funds on the program. The mortgage company pays a $150 registration fee. FPRC splits the fee it collects with the city.
The council discussed the amount of time the city staff had been spending trying to figure out who is responsible for the properties. The staff was spending eight to 16 hours per property said Councilman Jerry Mullins. “This tool will free up our staff,” he said.
The city did not have a foreclosed property ordinance previously. So when a problem occurred at a foreclosed property the city staff had to find a responsible party.
“It would take just hours and hours of time and phone calls and messages,” Walker said.
To view the online article, please click here.
Additional links:
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