If you own the mortgage of a property that is abandoned or under foreclosure, the City of Margate requires that you register this property. The program aims to protect residential neighborhoods from becoming blighted through the lack of adequate maintenance and security of abandoned properties subject to foreclosure.
Any mortgagee – the entity that lends money to a borrower to purchase real estate – who holds a mortgage on real property located within the City of Margate is required to inspect the property upon issuance of a notice of default. Within ten days of the inspection, the mortgagee must register the property with the Code Compliance unit of the City of Margate.
Foreclosure Property Fees
There is a non-refundable, Semi-Annual Registration fee of $300. Each individual property on the Registry that has been registered for 12 months or more prior to the Effective Date has thirty (30) days to renew the registration and pay the non-refundable $300 Semi-Annual Registration fee. Properties registered less than twelve (12) months prior to the Effective Date must renew the registration every six (6) months from the expiration of the original registration renewal date and pay the non-refundable $300 Semi-Annual Registration fee.
Late fees: If the Foreclosure Property is not registered, or the registration fee is not paid within thirty (30) days of when the registration or renewal is required under this section, a late fee equivalent to ten (10) percent of the Semi-Annual Registration fee will be charged for every 30-day period or portion thereof, the property is not registered and will be due and payable with the registration.