Foreclosure Registry Inspections
As of June 8, 2010 the LA city council passed a Foreclosure Registry Program (Ordinance No. 181185) in order to fix the foreclosure crisis. They established a residential property program. They developed a mechanism to protect residential neighbors and protect the properties subject to a foreclosure sale.
Any beneficiary or trustee who holds or has an interest in a Deed of Trust property in foreclosure. The property which a notice of default has been issued by a lender, or beneficiary of any deed of trust or REO property need to have the following requirements:
- They want to have proactive inspections
- Monthly leader inspections
- Requirement to De-register properties
There is an annual registration requirement that is valid for one year. Registrations are due from the first of January til the 31st of January. The person that is responsible for registration is the beneficiary who first causes a notice of default. They are empowered to comply with the code enforcement orders. There has to be a sign that shows that trespassers are not allowed. This form is filled out through the Housing Department and it gets sent over to the Police Department. This is to ensure that if there are trespassers in the home, they will get arrested. Conduct monthly inspections that will make sure no one breaks in the home.
De-registering the property
The de-registration is only done when you need to do the reinstatement of the loan, and loan modification. Sale to third party, but it cannot be a REO property. To register your home for monthly inspections, property board up, fence up, or simply filling out registration forms please Registry Program Specialist Eddie at (213) 804-7437