Banks in Charge – But with a twist!

What a concept. A proposal for some accountability on banks this time.
According to the Pacific Grove City Council if a mortgage holder walks away from a property, the bank will be responsible for keeping it up, according to an ordinance approved by the Pacific Grove City Council on Wednesday.

The ordinance would require lenders to register properties considered “abandoned” by their buyers with the city within 10 days of a code enforcement officer notifying them.

That would apply to property under a current notice of default or notice of trustee’s sale that is not being offered for sale, rent or lease by the owner.

Tender would be required to inspect the property for occupancy, secure it against trespass or vandalism, and perform maintenance to prevent it from deteriorating or blighting the neighborhood after the foreclosure process is complete. Failure to do so would result in a fine of up to $2,500 a day for noncompliance.

There are an estimated 100 houses in Pacific Grove that fit the description.

The council approved the draft version of the ordinance unanimously and will consider final approval at its April 6 meeting.

Refer to the montereyherald.com. for a full story.

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