NMSA: Standardize Vacant and Abandoned Property Procedures

By Joey Pizzolato

The National Mortgage Servicing Association has issued a report calling for standardization of procedures, definitions, and best practices surrounding vacant and abandoned residential properties. Many of these properties are forced to go through lengthy foreclosure processes, resulting in extensive vacant periods during which, according to the report, attract crime, lower property values, and cause community blight. The NMSA hopes the report will spur interagency discussion of the issues these properties create.

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