Speaking at a neighborhood community center, Gov. Ritter said the legislation will cut in half the time it takes lenders to sell an abandoned home that's in foreclosure. This will allow those homes to be re-occupied more quickly so they don't become a safety hazard, a magnet for vandalism and other crimes and a drain on nearby property values.
The bill will be co-sponsored in the upcoming 2010 legislative session by Reps. Jeanne Labuda and Dianne Primavera and Sen. Mike Johnston.
"When I took office three years ago,
The legislation will allow lenders to accelerate the amount of time it takes to sell an abandoned home that's already in foreclosure. While many foreclosure sales take seven to nine months, current law calls for a minimum four-month sale process; the proposed bill would cut that in half to two months. This would dramatically reduce the amount of time an abandoned home would sit unattended and unoccupied.
"Abandoned homes facing foreclosure are frequently an eyesore in the neighborhood, and bring down property values of all homes in the area," said Rep. Labuda. "The current foreclosure process can take months and sometimes years to complete, all while the property sits abandoned. One or two bad homes on a block can certainly destroy a block. This legislation will get homes more quickly occupied, and ensure that even those neighborhoods hit hardest by foreclosure remain vibrant, good places to raise a family and buy a home."
"Homes that sit abandoned and are awaiting foreclosure lower the livability of neighborhoods, reduce property values and marketability, and can increase crime," Rep. Primavera said. "By cutting the foreclosure proceeding time in half, we can protect our communities by ensuring a great quality of life for families especially during this tough economic time."
"We've all seen the negative impacts foreclosed and abandoned homes are having on