Owners of Properties on Foreclosure Listings Must Register

All owners of Canyon Lake homes for sale on California foreclosure listings are required to register on or before June 1, 2009.

The emergency ordinance covering this rule was approved by the city council of Canyon Lake as part of its efforts to boost property values in the area, improved communities affected by abandoned and vacant foreclosure properties and educate distressed homeowners about how to avoid losing their properties from foreclosure.

Under the emergency ordinance, all owners of foreclosure homes in the city must notify the local government and pay an annual registration fee amounting to $130. For owners of new repossessed homes, they have 15 days to comply with the city's ordinance or pay the fine of as much as $1,000 per day.

Canyon Lake finance subcommittee chairman Barry Talbot said that the city has been affected by the foreclosure crisis and had its share of foreclosed properties. He said that the large number of distressed homes in the city and the lack of action and response on the part of lending institution, trustees and beneficiaries have resulted to many of these foreclosed properties to deteriorate beyond repair.

He also noted that these foreclosed properties have become magnets for vandals and squatters seeking shelter.

City manager Loris Moss added that abandoned and vacant houses affect property values in the city and has caused a great deal of concern for code and law enforcement staff.

Owners of repossessed homes will be given the same responsibilities as existing homeowners. The city municipal code?s public nuisance provisions stated that if houses were neglected and abandoned, it is the responsibility of their owners to keep it under current requirements.

Canyon Lake?s registration requirement is part of its Homeownership Education Learning Program (HELP) which aims to provide support, resources and education to help troubled homeowners who are facing foreclosures to keep their distressed properties or to help potential homebuyers purchase a house.

The city of Canyon Lake believed that the HELP program will improve and enhance the communication between the real estate industry and distressed owners to ensure that the latter will continue to stay in their properties and not add them on California?s foreclosure listings.

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