Jul
30

Banks Paying Property Management Fees to Municipalities?

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I just heard that a number of municipalities around the country are charging banks fees to cover the cost of maintaining vacant properties (REO properties).

At an average of $500 a year, this could make things interesting for lenders. The City of Boston is requiring owners of vacant properties to hire property managers, whether they are foreclosure properties or not. If a lender doesn’t put a maintenance plan in place quick enough, some communities are charging fines up to $1,000 a day.

I haven’t heard of anything like this in South Carolina, have you? I guess it makes sense – the banks certainly charge me fees for almost empty bank accounts…………

MBD
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