The bank is responsible for the upkeep when a home goes into foreclosure but many properties around the state are being neglected and it becomes a problem for the neighbors and the towns.
Foreclosed homes that are not maintained become eyesores and can attract crime says Bill Dressel, The Executive Director of the New Jersey League of Municipalities.
Dressel says from the municipal standpoint it’s also a loss in ratable.
Another problem is when banks do not maintain foreclosed properties the burden sometimes falls on the towns.
By: Janet Fried
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