"Bank walkaways" in Florida. No one wants them.

that made reckless home loans in south Florida have been tiptoeing away from foreclosures in a tactic designed to cut their losses. The result:

Orphaned, dilapidated homes dot the landscape from Kendall to Lake Worth. There are no owners willing to claim and care for them. A months-long Sun Sentinel investigation of property code violations involving abandoned homes uncovered case after case in which banks launched foreclosure lawsuits but then stalled or avoided taking ownership. In effect, the banks legally sidestepped responsibility for the empty homes, causing great harm to neighborhoods. The real estate industry calls such properties “bank walkaways.” They are no longer maintained by their legal owners, whether they were investors bailing out of unwise deals or families in financial ruin who decamped. Nor are they being tended to by lenders, which have halted foreclosure proceedings because the remaining equity in the properties is deemed inadequate to cover the banks’ costs to reclaim title and maintain, refurbish and sell them.

im sure the craiglist guys will get em rented!

The county here is taking them and bulldozing them. It’s a lot nicer to see an empty lot than a crappy abandoned house.

Hm. I wonder if the county is regaining title because of back taxes. Typically that takes 3.5 years. Maybe they’re just condemning them.

US gov’t gives money in form of grants to demolish abandoned homes. Saw on 60 mins. Cleveland got $10mil. City condemned them and took them over for unpaid code violations and back taxes.

Our city buys them, rehabs them and sell them for 1/2 price. All paid for by the feds.

The reason for this is simply, the bank doesn’t own them in the first place. The servicer is trying to foreclose, not the true owner. It isn’t that it costs to much to “reclaim title”, it simply, legally, can’t be done.

The reason for this is simply, the bank doesn’t own them in the first place. The servicer is trying to foreclose, not the true owner. It isn’t that it costs to much to “reclaim title”, it simply, legally, can’t be done.

That argument does not fly in Volusia County, Eric. Matter of fact, our judges won’t even listen to it or allow it to be filed - they tell them to try that in any appeal. In the meantime, Motion Granted in favor of whoever filed for foreclosure, Case Closed.

Also, title companies in volusia county have no problem issuing insurance on these foreclosures. I recently asked the leading title insurer here, if he was worried about it; answer, NOPE.

It will…very soon. Just watch.
There are attorneys all across the State getting ready to make a move. The evidence is already in the court system…by the thousands.

If this woman gets elected as clerk of the court…look out!

Ask your title company friend to show you the new disclaimer that goes along with every title. :wink:

time will tell but I doubt anything meaningful in terms of MERS, titles, ownership trickles down to a homeowner. They don’t even care about the violations to the UCC. they don’t care the bank servicers have been taking short payments from HO’s and depositing the money in offshore accounts and not even paying income tax on it.

most americans should buy up a cheap foreclosure, walk away from their underwater home - it is the only way they will ultimately survive. be as crooked as the leaders

Furthermore, there should be no shame for the decision… After all it’s only business.