Tuesday, July 14, 2009

Lenders abandoning foreclosed properties - JSOnline

Lenders abandoning foreclosed properties - JSOnline: "For years, lenders complained about debtors who left the keys on the kitchen table and skipped town, leaving it to the bank to file for foreclosure and eventually take title by buying it at a sheriff's sale.

The latest twist: Now it's the lenders who are doing the walking, often without telling the borrowers, who may believe erroneously they have already lost title.

'This is just the meanest and nastiest thing (lenders) could do,' said Catherine Doyle, chief staff attorney at the Milwaukee Legal Aid Society. 'Even more profound is the terrible damage to the community. All of us are going to have to bail them out.'"

Yes, but first you may have to evict the squatters who will take over many of these abandoned properties, and that could prove to be an interesting experience for all concerned.
Thanks to Fred Pilot for another post-apocalyptic link.

1 comment:

CoachingByPeter said...

If a good real estate agent can help grease the wheels and get your offer in front of a lender, you can get an answer more quickly, and potentially close more deals.