I agree with you Steve, WOW...this was really something. So for those homeowners who believe that their problems is over because they walk away can have another load of troubles on their hands. The cities that are going afer these homowners is clearly making a statement - somebody have to pay. And of course the banks are saying not us. This is a very sticky situation especially for homes that have been vandalized. I appreciate your sharing this information with us.....I never thought of this before.
I read this as well Steve. I have to believe this one just fell through the cracks, don't you? I can't imagine this as a policy or strategy.
Steve Adkins > Michael HowardApril 2, 2009 at 4:00pm
I don't know. It could be a new way for the banks to cut their losses before getting too deep into the process. I can see this happening in many areas of the Atlanta market. It's something we all need to watch for to see if it is a trend developing.
My personal opinion of this whole foreclosure mess is to ride it out and make the bank evict you. Who knows what may happen in that time frame. The bank may come back with an offer you cannot pass up just to avoid taking the liability of another property they have to watch over.
George, you may be on to something. Even if these people are not paying any rent during this time. The bank has someone maintaining the property for free. Which will help keep property values higher and maybe help the occupant back on their feet and maybe re-purchase the home. Sounds like a win-win for both parties.
I went to a training for REO last week here in San Diego and the trainer knows of about 200 homes where the bank has just left the people in the home and told them that they would contact them later.. Please take care of the home... about every 45 days the people have an inspections service come by and check on them... no demand to move out is being made.
Maybe they are waiting for the toxic asset transfer.
Replies
My personal opinion of this whole foreclosure mess is to ride it out and make the bank evict you. Who knows what may happen in that time frame. The bank may come back with an offer you cannot pass up just to avoid taking the liability of another property they have to watch over.
George, you may be on to something. Even if these people are not paying any rent during this time. The bank has someone maintaining the property for free. Which will help keep property values higher and maybe help the occupant back on their feet and maybe re-purchase the home. Sounds like a win-win for both parties.
Maybe they are waiting for the toxic asset transfer.