Los Angeles vacant property registration changes kick in January 2015
Los Angeles, CA: Registration amendments for vacant and foreclosed properties approved by the City Council on Nov. 14, 2014, will take effect through January 2015.
“Any lender (or beneficiary or trustee who holds or has an interest in a deed of trust) of a property in foreclosure located within the City of Los Angeles must register the property with the Los Angeles Housing and Community Investment Department (HCIDLA). Annual (online only) registration along with a fee in the amount of $155 is due to HCIDLA by January 31, 2015 … All previously registered properties that remain in the foreclosure process or real estate owned (REO) MUST be re-registered with the HCIDLA in calendar year 2015.” according to the HCIDLA website.
Further amendments include a requirement for the foreclosure of a residential property to have the beneficiary or trustee who acquired the property pay a $356 proactive inspection fee, and for the beneficiary or trustee responsible for registering a residential property with the HCIDLA to conduct monthly inspections and monthly reports to be submitted online.
Additionally, a “one-time proactive inspection fee in the amount of $356 is due upon status change of property from NOD to REO, or on REO properties if not previously registered, for all single-family and vacant multi-family residential properties.”
Failure to comply with any of the registration requirements will result in a $250 fine per day until brought up to code. All such requirements will be in effect as of Feb. 1, 2015.
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