Springfield, Mass., is known as a tough city for banks to foreclose on a property, and it’s not getting easier anytime soon.
The Republican paper says the Springfield City Council voted to keep two foreclosure-related ordinances alive, including one that forces financial firms to post a $10,000 bond on vacant properties to cover upkeep and other related expenses.
The banks tried to get the bond requirement lifted, but the council voted against the proposed changes, the Republican reports.
The paper writes:
At Monday’s meeting, councilors and some community activists said the $10,000 bond was a critical piece of the legislation as a tool to prod banks to keep foreclosed properties from becoming a blight on the community. Activists said that ordinance, and an ordinance that calls for the establishment of a city-approved, mandatory mediation program to assist homeowners faced with foreclosure are models for communities across the country.Sponsor Content