MuniReg has advocated registries as a tool not just to address blight but also to prevent future occurrences. A recent report on a collaboration between Hudson County executives and The Waterfront Project, Inc. shines a light on one of the main components of our advocacy being implemented.
“Local ordinances require banks and mortgagees to register as they initiate foreclosure proceedings,” Symes said. “In addition to registering, they must also pay a fee. Both requirements will be central to our Foreclosure Prevention Project’s success. By knowing which homeowners are in distress through the registration, The Waterfront Project can affirmatively reach out to them to offer our assistance. And the fee the banks and mortgagees pay to register helps to mitigate the costs and impacts of foreclosures on our local communities.”
To view the article from the HudsonReporter, please click here.