The St. Petersburg RLC has issued Information Bulletin 26-06-04 establishing maximum expenses for property inspections and preservation of properties located in Puerto Rico and the U.S Virgin Islands. (Please click on the following links for recent Information Bulletins on the issue; Link 1 Link 2 )

Included in this Bulletin;

• Where the loan is more than 30 days delinquent and the property is abandoned, the holder must take appropriate action to protect the property from vandalism and the elements to the extent permitted by local law. Within 15 days after confirming abandonment, the holder must report the abandonment to the VA and immediately initiate appropriate action to terminate the loan.
  
• An inspection of the property is required: (1) if the servicer becomes aware that there is a threat to the condition of the property; (2) once per month if the property becomes abandoned; (3) prior to the 60^th day of delinquency or liquidation initiation (whichever is earlier - unless a repayment agreement is in effect); (4) once per month after liquidation proceedings begin unless the property remains occupied by the owner. Allowable cost for an initial inspection is $20, sunsequent inspections are $15.
• Lock installation is permissible on exterior doors if the servicer requires access to the property prior to transfer.
• In-ground swimming pools are not to be drained but must be secured in accordance with applicable local codes.  Entrance gates to any existing fences must be padlocked and, if no fence is present, a privacy fence must be installed around the pool and secured with a padlock.  If a cover is required, the frame must be secured to the deck and extend beyond the sides of the pool. 

• Above-ground swimming pools must be drained, disassembled and removed from the property.  Monthly maintenance and chemical treatment is required for all operational pools.  Portable hot tubs and spas must be drained. 

•  Exterior debris including food waste, fallen trees or limbs, and abandoned vehicles must be removed from the property.  Interior debris is not to be removed unless the items pose a fire, safety or health hazard.  Removal of refrigerator doors is required.

• Window openings with broken or missing glass are to be boarded.  Door openings where the door is missing or damaged must also be boarded.  Openings in detached garages and storage sheds do not need to be covered.   

• Servicers are to use “good judgment” to determine when lawn services, including edging and clipping removal, are to be completed.  Shrub trimming is not required unless the condition of shrubs presents a risk for code violations.

Please follow the link below to read the new Information Bulletin in its entirety. 

INFORMATION BULLETIN 26-06-04