Banks Starting to Walk Away on Foreclosures...

[Oerdin]

Originally Posted by oz in SC

I believe the person in default is being held responsible....even though they defaulted on the loan.

Yep, the cities are going after the last person to hold the title. There have been examples of people who got foreclosed on two or even three years ago (meaning the sheriff showed up at the door and threw them out) but after doing that the bank refused to take possession and the property went derelict. Thieves come to steal the fixtures (cabinets, ceiling fans, bath tub, toilets, lights, counter tops, etc...) and even break open the walls to get the copper pipes and wires. Sometimes homeless people or drug addicts move in or arsonists burn down the building or what not.

With the house basically destroyed the city sues the previous owner, the one they had thrown out, claiming that person is responsible for paying to have the house demolished. It's a joke. A very sick, sad joke. They should have just left the deadbeat in the house because then at least you have someone looking after the place rather then having criminals wreck it.

[harborlady]

Originally Posted by oz in SC

So does EVERYWHERE....especially out west.

I had no idea out west had problems with meth labs. I heard arizona/ nm had some bad patches happening. I'm in WV and there's a drug biz importing itself from detroit down the interstate. I was pretty shocked to see that ugliness going on down I86 in the hills of virginia proper about 10 yrs ago.

[harborlady]

A warning to anyone who lives in a modest sleepy town... when developers want to start tearing up your park land and open space to build suburban HGTV heaven in your town, just say no.

When real estate brokers, with lifestyles of the rich and famous twinkles in their eyes, want to gentrify your neighborhood... just say no. Even better, spray paint the front of your house with graffitti and call it art. Plant a lawn of dandelions. Have everyone in your neighborhood wear hunchback costumes & they'll go away eventually.

When the municipal govt has big plans for economic redevelopment where they sell legislation and tax freebies to conglomerations looking for free lunch, you might as well sell your homes while the getting is good.

[oberon_1]

Originally Posted by MiamiRob

Real estate managment companies at best charge 10% but since their is no income the fees are usually negotiated. When a home owner goes into default & a bank also walks away usually the property tax collector slaps a lien on the property for unpaid taxes. Depending on the county the tax collector can take the property and sell it at auction if the lender doesn't bid on it (usually for the back taxes).

Thanks for the clarification Rob. So according to you property taxes are the issue... I can see that. Do you think that a law can be passed to temporary exempt foreclosed properties from paying taxes?

[Anonymous Political Junky]

Originally Posted by oz in SC

So much for that contract between the lender and the homeowner...


http://www.nytimes.com/2009/03/30/us/30walkaway.html

Well, since Obama doesn't pay any attention to contracts then why should anyone else in this country. Hell, Congress and Obama are more than willing to ignore contracts to get what they want.