The Real Deal Miami

Banks battle cities on abandoned home care

April 23, 2009 04:57PM

As municipal governments take on cosmetic care of empty, foreclosed homes, the banks that own them are getting the bill, and they don’t like it. Lobbyists for the banking industry in Tallahassee have put together a measure they hope to add to other pending legislation that would prevent cities and counties from forcing the banks that hold mortgages on properties in foreclosure to maintain those properties until they have actually acquired the title to the land. That can take six months or more. Many cities have passed laws requiring banks to foot the bill for upkeep, which adds to the cost of foreclosure.