The following provisions shall apply to commercial and residential properties located in the city that have been subject to a foreclosure action. Beneficiaries who have voluntarily registered their properties with the city at any time following the issuance of a notice of default by the mortgagee or trustee to the mortgagor or trustor, but prior to obtaining title to the property through a foreclosure action, or who have registered their properties on the MERS system allowing the city to access current property preservation contact information, shall be considered exempt from complying with the following registration requirements:
A. Any beneficiary under a deed of trust or mortgage covering a property located within the city shall be responsible for having an inspection performed of the property that is the security for the deed of trust or mortgage within twenty (20) days of obtaining title to the property through a foreclosure action. If, at the time of the inspection, the property is found to be vacant or shows evidence of vacancy, the beneficiary shall, within ten (10) days of the inspection, register the property with the city’s Public Services Department on forms provided by the city. There is no fee associated with the property registration if the beneficiary complies with these time deadlines.
B. The registration shall contain the full legal name of the beneficiary and the registered representative, the direct street or office mailing address of the beneficiary and the registered representative (no post office boxes), a direct contact name and telephone number for the beneficiary and registered representative, and, if applicable, the local property management company responsible for the security, maintenance, and marketing of the property for an out of state beneficiary. A company e-mail address may be used for the beneficiary and registered representative in lieu of a direct contact name and telephone number.
C. The registration shall be valid as long as the subject property remains vacant and shall be amended as needed.
D. This section shall also apply to properties that have been the subject of a foreclosure sale where title to the property was transferred to the beneficiary of a deed of trust or mortgage involved in the foreclosure and any properties transferred under a deed in lieu of foreclosure or sale.
E. Properties subject to this chapter shall remain under the security and maintenance standards of this chapter as long as they remain vacant.
F. Any person or entity that has registered a property under this chapter must report any change of information contained in the registration within ten (10) days of the change. (Ord. 1843, 9-21-2009; amd. Ord. 2549, 12-5-2022)