 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
Buy Greenland? Take It? Why? An Old Pact Already Gives Trump a Free Hand.Analysts say the Cold War agreement allows the president to increase the American military presence almost at will. Listen to this article · 6:58 min Learn more Share full…
"Iranian police join the people, in overthrowing the islamist theocracy...This is important in any revolution and marks the end of any despotic regime......
Important to note that Iran has been working for the dark cabal, ever since the theocracy was…"
Important to note that Iran has been working for the dark cabal, ever since the theocracy was…"
"🇬🇱....Greenland....An essential strategic asset for America....Not being developed by Denmark, nor being fully represented by the EU (they left before UK,) nor being defended by NATO.....So the USA should annex the territory and protect it from…"
humanity still remains n a state of waiting. However,these days r numbered,4 a spiritual restlessness has gripped humanity; people awakening
On every continent, people are beginning to rise up, so that individual states can no longer pursue their global ambitions, as all socio-political energy and state attention must be shifted inward. What has been noticeably foreshadowed in recent…
Beloved ones,the new era opening before humanity,from 2026-2 2030,will grant u the ability 2-b present n the new terrain.All that we have
Comments