Lenders Liable For Waste In Foreclosures: Calif.

Law360, New York (October 31, 2008, 12:00 AM EDT) -- As home foreclosures increase rapidly, California has taken a preemptive step to make sure that lenders and restoration companies understand the penalties for failing to clean up hazardous waste on foreclosed properties.

The California Department of Toxic Substances Control, a division of the California Environmental Protection Agency, issued a release Wednesday addressing hazardous waste cleanup at foreclosed homes.

“When lenders foreclose on properties — and contract with restoration companies to prepare them for resale — both are liable for appropriately handling the materials and hazardous waste...
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