SPOKANE, Wash. --- Under a new program, banks and mortgage companies would be fined if a foreclosed property falls into disrepair.
Spokane has a large number of foreclosed properties. There are currently 1,600 foreclosed homes.
The goal of the new program is not just to upkeep homes, but to increase property value.
As part of the foreclosed home registry, banks and mortgage companies would be required to notify the city any time they take over a property.
The companies would then be forced to sign a registry.
The city said the goal is to fine bank and mortgage companies, they would also be required to clean up the property.
City lawmakers are expected to approve a contractor that would run the registry. The program is in its final stages of starting.
The city added, there are other benefits to the program as well. Not only would a designated company be in charge of registering foreclosed homes, but code enforcement would be able to focus on other problems around town.
"It's to the benefit of everyone concerned...the banks, the mortgage companies, the property owners... to get it back as soon as possible,” said Jim Stewart, a South Hill resident.
The city’s contract is worth more than $250,000.
The program is set to run for two years.
(© 2016 KREM)