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Lenders Swamped By Foreclosures Let Homeowners Stay

Discussion in 'Political Discussion' started by weswelker#83, Apr 6, 2008.

  1. weswelker#83

    weswelker#83 Rookie

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  2. wistahpatsfan

    wistahpatsfan Rookie

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    Not just that....
    In my city where there's too many three-deckers owned by absentee landlords, lots of these landlords are simply "walking" from their properties. The result is bad neighborhoods getting worse because that's where many three-deckahs were bought by income speculators who leveraged too much to make the "purchase" with money they didn't have. Property abandonment of the landlords, who aren't really abandoning anything besides the responsibility for the property, are leaving a void...someone keeping track of rent, tenants, and who's coming and going. Banks aren't set-up or staffed for this mess internally, and it often takes months and maybe a year before they even begin to take control of a forclosed property. before you know it, there's a meth dealer on the second floor and hookers on the third. And maybe there's a family with kids on the first.

    The ripples are just starting to move through the city and it's neighborhoods. The same thing's happening in many communities with a high-renter ratio.

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