 Half of nation's foreclosed homes still occupied Posted: 24 Oct 2013 04:43 PM PDT Half of nation's foreclosed homes still occupied By Les Christie | CNNMoney.com – 14 hours ago Foreclosure sounds like the end of the line, but actual eviction can take months or years -- even after the bank has repossessed a home. RealtyTrac estimates that 47% of the nation's foreclosed homes are currently occupied. The percentage actually tops 60% in some hot housing markets, like Miami and Los Angeles. Those still living in repossessed homes include both former owners and renters. Either way, their time in the homes is mortgage and rent free. To arrive at its estimate, RealtyTrac compared its database of foreclosed homes with postal records showing whether mail was still being collected and whether change-of-address forms had been filed. Even when occupants leave voluntarily, old owners typically take about two months to vacate. With renters, it can take a year or more. "If someone has a bona fide rental agreement, we have to abide by that," said Amy Bonitatibus, a spokeswoman for JP Morgan Chase. One issue, according to Wells Fargo spokesman Tom Goyda, is that the eviction process can take months as it winds through the legal process. The timing varies widely based on local laws and the backlog of cases in individual courts. Goyda said the bank has been trying to speed up the process by offering cash to prompt occupants to leave. In addition, some states, like Alabama and Utah, have so-called redemption periods of up to a year during which former owners can get their home back if they can find the means to pay off their mortgages. And banks may be in no rush to kick people out. They will take their time in markets with a lot of homes for sale and depressed prices. Plus, letting homeowners stick around can help protect homes from abuse. "Although one thinks lenders take losses by not moving evictions forward, they're still faring better by keeping the properties occupied," said Pauliana Lara of the Consumer Action Law Group in Los Angeles, which works with homeowners to fight foreclosures. "Many foreclosed homes get vandalized or squatters move in."
|
You need to be a member of Ashtar Command - Spiritual Community to add comments!
Latest Activity
THE CONSCIOUSNESS OF NATUREPeople believe that nature is unconscious, but they are mistaken. Poor people!“CHILDREN OF THE EARTH! Listen to your instructors, the Children of Fire…”“Kings and queens…
"Five of the ancient Sumerian tablets contained information, specifically intended for OUR TIME...21st century....The text described a transfer of knowledge, not a divine gift from gods to humans, which was the standard Sumerian literary motif, but a…"
"Sound can be used to enhance, or diminish health......Sound harmonics can be used to levitate vast granite blocks into exact spaces, but at different frequencies, within harmonically proportioned chambers, sound transmitted at certain frequencies…"
"Yes friend, you're doing a great job and I find it baffling that most members on AC, continue to remain silent about your videos...They might be coy in general, but could make at least one comment, even if in limited wording..."
"In the UK, the NHS are still giving covid19 shots to people, such as "individuals at the highest risk of serious illness or hospitalization." Three years ago, Dr Aseem Malhotra made a request to fully cease the continuing covid vaxx rollout, but was…"
"Thanks Drexk-you would think all 14000 members here -or whatever the number is-would be all over the Tau Ceti posts-you can see them as scout ships-I think- and watch how the pilots expand the holograms of themselves then give a light show, then…"
"More genuine medical expert coverage, from UK provided useful testimony, to the US Congress committee, anent the harms caused to SARS-CoV-2 mRNA, vaxxed patients...This time, Dr Campbell shows the statements in Congress, by Dr Aseem Malhotra,…"
"More genuine medical expert coverage, from UK provided useful testimony, to the US Congress committee, anent the harms caused to SARS-CoV-2 mRNA, vaxxed patients...This time, Dr Campbell shows the statements in Congress, by Dr Aseem Malhotra,…"
Comments