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Maintenance of Madison County MS Foreclosures

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By : Bilk Albers    99 or more times read
The Madison Fiscal Court has approved an ordinance that establishes registration processes for abandoned properties. Beginning January, banks that repossess homes are required to shoulder the costs of registering and maintaining Madison County MS foreclosures. The lenders should do so in the office of the county planning and development.

This is good news to troubled homeowners whose properties have been foreclosed and repossessed by the banks. They would be free of any responsibility and possible costs for the maintenance of such properties. For quite some time, homeowners in the county had been complaining about how they are still required to shoulder costs of registration and maintenance of their foreclosed and repossessed homes.

Analysts believe this ordinance would make banks prefer the option to provide loan modification to troubled homeowners instead of repossessing the properties, which would be costlier for lenders beginning next month. This way, the analysts added, the ordinance would help reduce, prevent, or curtail foreclosures.

So far this year, the county government has spent up to $65,000 in maintaining Madison County MS foreclosures. That is because the government has to make sure the neighborhoods are protected from blight. Lenders that hold deeds for foreclosed homes would be required to maintain the properties according to neighborhood standards. The homes should be kept free of trash, weeds, debris, graffiti, and junk. Doors should be locked, broken/missing windows should be replaced, and general safety hazards should be minimized.

The banks should also pay a yearly registration fee worth $200 for each the Madison County MS foreclosures. A $500 fine would be implemented for failure to comply.

Meanwhile, the county ordinance is expected to set an example for foreclosed homes for sale in Louisiana. The neighboring state of Mississippi is known for having numerous foreclosed homes as well. In the third quarter, the average price tag of foreclosed homes for sale in Louisiana was $135,784, an indication that there are too many of such properties that are available to homebuyers.

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