Lenders May Be Fined $1,000 Per Day For Vacant Homes

ForeclosuresMass President and co-founder, Jeremy Shapiro In the U.S. the pace of housing rescue efforts slowed while the number of people losing their homes to foreclosure has skyrocketed. More than half a million at-risk home owners have had their loans reworked during the first three months of the year. Nearly 1.4 million homeowners have gone through some sort of loan workout since July of last year, but the efforts are not keeping pace with the rates of foreclosure. Florida remains one of the nations leaders in residential foreclosures but Tampa, St. Petersberg and Clearwater are not doing as bad as many other cities in Florida. More than 11,811 properties in the region were in some type of foreclosure in the first quarter of 2008. One in every 110 homes in the region are in foreclosure, but compared to other regions the numbers are not the worst seen. Californian homeowners who are tired of foreclosed homes destroying property values may get help from the state Legislature which could approve fines up to a $1,000 per day for those lenders who don't keep up with their bank owned properties. The legislation would also give notice to property residents that the foreclosure process has begun, provide tenants additional time to move from foreclosed properties and mandate than properties be cared for by lenders.

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