Democrats and Republicans disagree on a bill that requires owners of foreclosed homes to keep houses from degrading due to lack of tenants. Home upkeep is important to keep not only an individual house's value high, but to keep the surrounding properties from falling in worth as well. The bill is now headed to the senate.
Opponents of House Bill 3657 feel the requirement would hinder lenders even more by forcing them to spend needed money on houses that aren't earning anything. According to Oregonlive.com, "Rep. Sal Esquivel, R-Medford, said many local governments already have nuisance ordinances that allow them to take action against neglectful property owners."
Supporters of the bill see things differently. "Rep. Paul Holvey, D-Eugene, countered that the bill would make it easier for localities to regulate foreclosed properties. He said most financial institutions do a good job of maintaining properties, but some national firms that buy distressed properties have let them decay."
The bill passed 35-23. Comments left in the various blogs written on this topic appear to be on both sides of the argument as well. Some say there are laws written about foreclosed property up-keep already made, they just need to be enforced. Others say the properties do need to be taken care of better in order to improve the resale value.
The Oregon's Legislative Assembly summarizes House Bill 3657 as such "Prohibits owner of foreclosed residential real property from neglecting real property during periods of vacancy. Permits local government to assess civil penalty for each day during which owner fails to remedy conditions of neglect."
The bill outlines the various steps that will be taken if the law goes into effect if approved by the senate. Owner of neglected foreclosed properties will be given 30 days to remedy the situation and civil penalty costs may not exceed $1,000 for each day after the 30 day notice is up. The 30 days can also be negotiated in writing if the conditions requires more than a month to undergo repairs. Nothing about that seems unfair or harmful to financial institutions that should take the time and money to care for foreclosed properties.
Source: Oregonlive.com
Written by Amy Munday
Huliq.com
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