Los Angeles City Council Adopts Recommendation to Amend
City Foreclosure Registration Ordinance
LA City Council
Just when you thought the government could not make foreclosures more costly and inefficient for lenders and trustees, the City of Los Angeles is proposing to modify its foreclosure registration ordinance. The City Council has adopted a recommendation that they amend the existing Los Angeles Foreclosure Registration Ordinance with respect to fees, enhanced enforcement, direct communications with lenders/owners and monthly reports by lenders/owners on the status of the property. The exact wording of the ordinance is not as yet clear. These amendments may be directed as much to revenue enhancement as to anything else.
Members may want to tract these proposed amendments to the Foreclosure Registration Ordinance. In addition, members who make loans or who hold loans in the City of Los Angeles area may want to contact councilpersons or the Mayor. While we’ll have to wait to see the specific wording of the amendments, they are likely to diminish the availability of available loans; increase foreclosure costs; or reduce loan to value rations, on properties in the City of Los Angeles, particularly in areas with high foreclosure rates.
Read Adopted Council Recommendation