Lenders who are responsible for foreclosing homes should also be responsible for maintaining these foreclosed properties.
This is the idea that Cincinnati vice Mayor Roxanne Qualls proposed to help one of the foreclosure problems surrounding Cincinnati Ohio bank foreclosures and tax lien and other foreclosure activity in the area.
The problem begins when homeowners lose their homes to foreclosure, as decided by the lenders. Even though these foreclosed homes should already be included in the inventory of free foreclosed homes for sale, the title of these homes remain with the owners. As a result, the owners still become responsible for the properties that were already taken from them by the foreclosing companies. If the property happens to violate a city code, the former homeowner could still be cited for the violation.
Qualls referred to these as “toxic titles” – property titles that fail to be transferred to the lenders. Qualls believes that once lending companies are aware of the responsibilities that they will take once they foreclose properties, this “may become a factor in their calculation about whether to foreclose in the first place. If the foreclosure takes place, we can lessen the devastation to the homeowner and the neighborhood by making the lender responsible for maintaining the property.”
In other Cincinnati news, it seems that the number of sales of Cincinnati Ohio bank foreclosures and tax lien went down during the third quarter of this year. According to reports, free foreclosed homes for sale account for about a quarter of the total home sales in the U.S. during the third quarter.
There is no doubt that foreclosed homes have given homebuyers a chance to purchase the house of their dreams for a much lower price. The low house prices combined with the low interest rates can make it possible for buyers to own their very own homes without the financial strain.