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Los Angeles Tells Financial Institutions to Keep Foreclosures Clean

Credit unions and other financial institutions that foreclose on property in the city of Los Angeles will now have to make sure the foreclosed property is maintained while in foreclosure.

By David Morrison | Updated on July 12, 2010

Credit unions and other financial institutions that foreclose on property in the city of Los Angeles will now have to make sure the foreclosed property is maintained while in foreclosure.

According to the California Department of Financial Institutions the new law, which went into effect on July 8, holds mortgage lenders responsible for cleaning up foreclosed properties “to prevent further blight and nuisance.” Further, the mortgage lenders will begin to be responsible for a foreclosed property from the point they file a Notice of Default on the borrower.

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