 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
"Recently, the Chinese laughed at European nations, for suffering under the recent heat waves.......
"Chinese social media users in China reacted with viral memes, mockery, and discussions highlighting infrastructure differences, though reactions…"
"Chinese social media users in China reacted with viral memes, mockery, and discussions highlighting infrastructure differences, though reactions…"
"rev.joshua skirvin July 23, 2026 at 11:51am
Dark Journalist The Secret Atlantis Hall Of Records Cayce, Steiner Prophecies Revealed!
rev.joshua skirvin July 23, 2026 at 10:20am
AE, this is the best video you have posted yet! Its rather long though…"
Dark Journalist The Secret Atlantis Hall Of Records Cayce, Steiner Prophecies Revealed!
rev.joshua skirvin July 23, 2026 at 10:20am
AE, this is the best video you have posted yet! Its rather long though…"
Posted on 07/23/2026 by EraOfLight — Comment ↓ The Resurrection Flame, is one of the many attributes of God. You can resurrect your finances, you can resurrect your bodies, you can resurrect family harmony and you can resurrect a great number…
"🌕"The moon has a face like the clock in the hall; she shines on thieves on the garden wall, on streets and fields and harbour quays, and birdies asleep in the forks of the trees.The squalling cat and the squeaking mouse, the howling dog by the door…"
Growth Thru Joy, Ease, Grace and Miracles Consciousness...By Steve NobelAs the dimensions continue to split we will continue to experience this earth-plane for a while as a mixed reality. Where, on the one hand there is the potential for…
"In my comment anent the precessional wobble I mentioned that the moon has a salient role in that precise wobble, along with the sun...The precession of equinoxes was not the same, before the current moon was placed in orbit....
AI states the…"
AI states the…"
Comments