Banks to Register Abandoned and Foreclosed Properties?

In an initial vote on July 28, Palm Beach County commissioners unanimously voted to create a foreclosure registry. Banks would be required to register the names, phone numbers and e-mail addresses for the property managers of properties in foreclosure. A final vote on the issue will be held on August 16.

The registry would be run by Federal Property Registration Corp., located in Melbourne. Banks would have ten days to register the property after a legal notice of action was filed in court. The banks would pay a $150 fee that would be split evenly between Federal Property Registration Corp. and the county. The fee paid to the county would go toward repairing abandoned home and code enforcement. The money spent on repairs could potentially be recouped when the home is sold.

While it would be excellent for the county to have contact information for abandoned properties that are in violation of local codes, there is some concern over whether it is fair to register distressed properties that are still occupied, particularly if the homeowners are pursuing a short sale or loan modification, thus ultimately avoiding foreclosure.