Oct
18

Banks Must Maintain Vacant Chicago Real Estate

October 18, 2011

A proposal making banks responsible for the upkeep of vacant Chicago real estate has passed, but with changes.

The Chicago City Council on Tuesday approved an ordinance which requires banks that hold mortgages on abandoned properties to maintain those residences within 60 days of a mortgage default.

boarded up home in chicago

Under a new Chicago ordinance, banks must maintain their vacant properties or face fines.

Some of those responsibilities include:

*Boarding up windows and doors

*Keeping trespassers out

*Mowing the grass

*Shoveling snow

The plan calls for the posting of signs on the properties with the phone number of those responsible for the upkeep.

Failure to comply with the new rule could lead to fines of up to $1,000 a day.

The original ordinance tried to make the banks holding mortgages on abandoned properties the outright owners, even before foreclosure.

That part of the measure was eliminated, in part because officials were concerned that banks would be less likely to offer mortgages in neighborhoods with high foreclosure rates.

The next step could be getting this new plan passed in the Illinois State Legislature.

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