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Product ID: 390608EAU
 
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Dealing With the Impact of Foreclosures on Municipalities and Communities

OnDemand Webinar (87 minutes)

This OnDemand Webinar will help local officials, real estate professionals, mortgage lenders and property owners better understand and manage foreclosures and vacant property. Suggested strategies will focus on protecting and maintaining community and neighborhood value. Foreclosures and resulting vacancies threaten value and quality of life, but also present opportunities to improve processes and systems that can pay off in the long run.

Authors

John O. Norquist, Congress for the New Urbanism

Agenda

Preventing New Foreclosures Can Help Keep the Problem Manageable

• Municipalities Should Be Knowledgable of Their State Laws That Govern Foreclosures and Share That Knowledge With Their Citizens

• Some States Make Foreclosure More Difficult Than Others

• Some Require Mediation Which Can Help Homeowners Reach Settlements With Lenders Resulting in Reduced Monthly Payments

Leverage Federal Housing and Mortgage Programs That Help Homeowners Avoid Foreclosure, Reduce Principle or Convert to Renters Thus Staying in Their Homes

• Many Local Citizens Can Avoid Foreclosure or the Worst Effects of Foreclosure If Local Governments Connect Citizens to These Programs

• FHA, Fannie Mae, Freddie Mac and HUD All Have Programs That Can Help Homeowners Avoid Foreclosure or Eviction

Cities Should Review Plans and Procedures to Manage Property

• Some Cities Have Adopted Vacant Property Registration That Requires Lien Holders to Notify Them of Vacancies Caused by Foreclosure

• Building Inspection, Coding, Zoning and Training Programs Can Help Avoid Severe Damage to Neighborhoods From Distressed Properties

• Many Cities and Some Suburbs Have Developed Landlord Training Programs to Educate Property Owners on Tenant Screening and Building Maintenance, These Programs Should Be Extended to Help Owners of Vacated Single Family Homes

Cities Need to Understand the Real Estate Market in Their Neighborhoods

• Vacancies in a Prosperous Neighborhood May Have Small and Short Lived Impacts on Surrounding Property

• Foreclosures in Neighborhoods or Subdivisions With Negative Valuation Trends Can Be a More Serious and Long Lasting Challenge

Demolition and Reuse of Foreclosed Property Is an Issue That Is Very Context Sensitive

• Cities With Highly Concentrated Foreclosures and Resulting Vacancies May Be Tempted to Condemn and Purchase Properties With the Intent of Consolidating Parcels and Reselling Them,There Are Opportunities and Dangers in This Approach

Cities Should Review Their Regulations, Permits and Codes for Obstacles to Development and Redevelopment

• Building Permits That Govern Rehabilitation and Occupancy Need to Be Issued in a Timely Manner