VA Property Preservation Contractors Should Follow Local Code Requirements

6. Local Requirements. Holders must ensure compliance with all city, county, or other ordinances concerning property preservation. Most security instruments have a provision that permits the holder to take action to protect the property securing the loan, to advance any reasonable amount necessary and proper for the maintenance or repair of the security, and to add such an advance to the guaranteed indebtedness. The removal of hazardous materials, the correction of hazardous conditions, and the avoidance of liens are primary concerns. Continue Reading

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