60 Minutes reports on wrecking ball used to fight foreclosure epidemic; 11,000,000 property owners nationwide owe more than their homes are worth!
Tick-tick-tick!
Cameras capture head-shaking reality: cities throughout the US are bulldozing abandoned properties. Banks foreclose and abandon properties, forcing cities to confront blight.
You will have trouble believing the following 13 minute video clip shared by 60 Minutes. It’s inconceivable in the United States!
Throughout Sarasota, abandoned properties plague neighborhoods – all neighborhoods; all price ranges. No air conditioning; no running water; no maintenance. In Florida’s scorching heat and wet humidity, properties with NO air conditioning can’t avoid M-O-L-D.
Mold only begins the problems with DISTRESSED properties.
Neighbors suffer!
Neighborhoods suffer!
Communities suffer!
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{ 2 comments… read them below or add one }
Mike, this is all truly shocking. You are right, it is not only inconceivable it is unconscionable! We don’t have the problems here in the San Francisco Bay Area w/ vacant homes or even homes taking too long to sell. Our issues come from the banks taking their time.. not only on short sales but on foreclosures. The banks could’ve easily worked a deal with many homeowners to allow them to stay in their homes, instead they send them down a path of ruin and the homes an communities to a value nose dive and disrepair. I saw a quote the other day attributed to Thomas Jefferson:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
I AGREE 1,000%, Catherine. I personally know just how tireless you work on behalf of your customers, trying to help them avoid foreclosure. You are extremely knowledgeable on helping property owners avoid foreclosure (and) helping property owners try to SAVE their homes.
After more than FIVE years, we STILL are facing overwhelming (incompetence?) or disregard from banks.
Seriously, I no longer buy the banks’ position they’re overwhelmed. They have 5 years to staff up. I also don’t believe it’s incompetence at banks causing myriad document loss, poor communication, delays, etc. I believe BANKS have ulterior motives such as in collecting increased servicing fees for every file they delay, reject or allow to turn in to a foreclosure.
To be clear, I now believe BANKS profit more off foreclosures than short sales or loan modifications. At some point, I believe proof will confirm this assertion.
Thank you, Catherine.