Sec. 13-20. - Statement of policy.
It is hereby declared that residential mortgage foreclosure actions, caused in part
by an underperforming economy, rising interest rates, unemployment, and underemployment,
have negatively impacted a substantial number of mortgagors in the city, creating
a foreclosure crisis which endangers the economic stability of the city and the health
and safety of its citizens. The prevalence of foreclosures lead to increases in unoccupied
and unattended buildings in the city and give impetus to the continuation, extension
and aggravation of urban blight and decay. More importantly, foreclosures cause the
unnecessary and unwanted displacement of a considerable number of homeowners and tenants
who desire to live and work in the city.
(Ord. 2013, ch. 2013-5, 3-18-13; Ord. No. 2018-38, § 1, 7-10-18)