Lenders could be held responsible for upkeep of foreclosed Spokane homes

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by RYAN SIMMS & KREM.com

KREM.com

Posted on August 16, 2014 at 9:19 AM

Updated Thursday, Aug 28 at 11:22 PM

SPOKANE, Wash. -- A solution is in the works in Spokane to help get rid of foreclosed homes that have become eyesores.

In Spokane, there are more than 200 properties that have been abandoned and are turning in to hotspots for crime. City leaders are trying to hold companies accountable for the foreclosed and abandoned homes.

The city is considering a law that would require banks and lenders to register abandoned properties with code enforcement. The idea is to hold those companies responsible so the homes do not become rundown and your property values do not take a hit.

Once registered, companies would be tasked with maintaining each foreclosed property. Should a home fall into disrepair, that company would be fined by the city. They would be required to fix up the property. City leaders told KREM 2 On Your Side that fines could run into the thousands.

“If we can get a couple hundred homes like this that you don’t have to live next to, that would be great for our community,’ said Spokane City Council member, Amber Waldref.

The city council is expected to vote on the law in early September. Under the proposed law, companies would be required to register a property as soon as it becomes abandoned and failure to do so would automatically cost a company $200.

If the law is passed, it would go into effect in the fall of 2014.
 

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