Maintenance fee could be heaped on MD homeowners

The number of foreclosures in the country is continuing to rise in some areas. One county in Maryland is hoping to address many of the associated troubles with a payment. The bill would also make it a legal offense to let a home fall into disrepair.

Maryland’s high foreclosure level

Maryland has been facing high foreclosure rates since the housing collapse in 2008. In 2011 so far, there has been a lot of foreclosures in Prince George County in MD alone. There has been 1 foreclosure for every 457 households. In Prince George County, the property value is decreasing while inventory goes up. This is because now of the homes are being maintained well. This is bad in the first place. Add on top of that, that the Prince George County tax revenues are going down, and it is catastrophe.

Costs on foreclosure could occur

State lawmakers have been hearing a lot from Prince George County. It hopes that something could be done with the homes not being maintained and soon. The county wants to charge owners of foreclosed homes $75 per year. In order to pay contractors to clean abandoned houses, the money would be put in a county fund. Essentially, it would be one more payment on the short term loans of foreclosures. The county would also be given the right to send inspectors to check on foreclosed homes.

Foreclosure payment issues

Foreclosed homes would be taken care of with a short term installment loan such as foreclosed payment would help property values improve. It would be just as hard to get the fee as anything else though. It was already stated the homeowner would not be responsible for the $75 fee. This was mentioned by the county. Banks would end up having to pay the payment on any properties that are not maintained. In fact, it would be a per-house fee sent to banks. In order to help ensure this takes place, the county may also be creating a legal or civil misdemeanor offense for not “keeping a property up to neighborhood standards.”

Information from

Washington Examiner

washingtonexaminer.com/local/maryland/2011/02/pg-council-wants-charge-fee-foreclosure-cleanups