Vacant Property Rules Under Fire

The vacant property ordinance imposed by the City of Chicago demonstrates a lack of vision of the larger foreclosure crisis picture.Under the ordinance backed by Mayor Rahm Emanuel, mortgage holders are required to pay a $500.00 vacant property registration fee either 30 days after a property becomes vacant or 60 days after the loan goes into default, whichever is later.

Article source: http://www.nationalmortgagenews.com/msn_features/vacant-property-Chicago-ordinance-1027912-1.html

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