Racine, WI, passes foreclosed property registration ordinance
Racine, WI: Common Council passed a foreclosed property registration ordinance, when approving their 2020 City of Racine Budget.
For properties in the process of foreclosure proceedings, the mortgagee or agent must register the property within 5 working days of filing with the court of the foreclosure proceedings
That registration must include tax key number, mortgagor of record and the mortgagee of record, Register of Deeds recording document number, date of recording of the lis pendens, all servicing and case numbers, and current contact information for owners and those parties responsible for the property; changes to any information require updating within 20 days of occurring.
When a mortgagee or agent initiates foreclosure proceedings against a property, a physical inspection of the property must occur within 30 days of the proceedings being filed. The inspection must include notes for the property condition, photos to accurately portray the property, notification of if abandonment has occurred, and reinspection at least once every 30 days for the duration of the registration requirements.
Penalties for violation of the ordinance, are as follows:
failure to register or file an amendment can result in a penalty of $500 - $2000 plus court costs;
failure to perform inspection, $250 - $1000 plus court costs;
failure to notify of property in abandoned status, $500 - $2000 plus court costs;
failure to secure and maintain an abandoned property to City Code, $500 - $2500 plus court costs;
failure to maintain records or post, $100 - $500 plus court costs.
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