Audit Report 13-01, Foreclosure Registry, Released

03/18/15
This notice is archived content and this information may no longer be accurate.
The Internal Audit Department released their audit report of the Foreclosure Registry.

The Foreclosure Registry Program was established to protect neighborhoods from becoming blighted through the lack of adequate maintenance of abandoned and vacant properties, which are subject to mortgages that are in default. City Code, Sections 19-131 through 19-139, requires mortgagees to register any real property where the mortgages are in default and the property is vacant or abandoned, provides maintenance and security requirements for the registered properties, and requires mortgagees to provide contact information of a party responsible for bringing the property into compliance with maintenance requirements.

Business Tax, a division of the Department of Neighborhood Empowerment, is responsible for managing the Foreclosure Registry Program. Business Tax records property registrations in the Business License System, invoices mortgagees the applicable annual registration fee, and de-registers properties from the program when certain requirements are met. There are no monetary penalties for noncompliance; however, violations may be enforced by way of code enforcement and civil actions. Code Enforcement, also a division of the Department of Neighborhood Empowerment, obtains registry information and performs periodic inspections of registered properties to ensure properties are in compliance with City Code requirements.