Homes once occupied by families but lost in the foreclosure storm are being dumped by the banks as they find these homes to be financial cannonballs.
In Chicago there are nearly 45,000 such homes waiting in limbo to be resold-but many have fallen into disrepair leaving neighborhoods and communities looking like the third world. When a house gets to that point the only parties interested in them are squatters , criminals and vandals. Banks simply write off the house as a loss and leave the stinking corpse for the neighborhood to contend with.
Banks are dumping houses at an alarming rate as it isn't in their best interest to hang on to properties in poor areas where the chances of a resale are slim to none. So like efficient plunderers they just move on to the next scam and walk away leaving devastation in their wake.
Homes that sit on the market for long periods of time quickly fall apart and rather than keeping people in these homes the banks take them back and do nothing to maintain them while waiting for a buyer. Many homes slowly rot or are torn up by vandals or angry buyers who take the scorched earth approach and strip them of fixtures, appliances and anything else a crow bar can pry free leaving a gutted empty shell waiting to be condemned.
House zombies are eating neighborhoods alive and the banks and are to blame.There are two players involved in the foreclosure business-the lender who owns the property and the servicer who takes the payment and does the foreclosure. While the house waits to be resold-the servicer is the one who is supposed to do the up keep on the property-but many servicers find it not in their best interest to spend time and money keeping up homes in bad neighborhoods so they write the house off. They neither finish the foreclosure process or try to sell the house. It isn't worth enough in their eyes to pay for up keep so they dump the house like an old abandoned car.
How can they get away with this? Because no one is stopping them.
|Home For Sale-Again.|
Now that's leadership.
This beautiful home is now for sale in Newport Coast California. In 2003 it sold for $2,490,000.
Then in May 2007 it sold for $4,500,000.
In September 2009 it was listed for sale at $5,500,000 but didn't sell.
Now you can get it at a mere $2,765,000 nearly the same amount it sold in 2003! Talk about history repeating itself.
If you want to know what god thinks about money-just look at the people he gave it to.