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The Untold Problem of Residential Home Foreclosure



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By : Justin Okeefe    99 or more times read
The sad fate of Americans losing their homes to foreclosure is well covered in media of every sort these days. We all know that millions of people are losing jobs in a struggling economy and the number of homes going into foreclosure as a result increases by the day. Yet there is another story of what happens after foreclosure, besides the heartbreak and devastation of the faces behind the lost home.

The home itself takes a drastic turn for the worse once the occupants are forced to move out. Banks are not quick to get most homes on the market and resold, so thousands of homes are sitting empty and unkept for months and years at a time while nothing is done with them. You can often identify these homes by the overgrown lawns, broken door locks, and windows that are either busted out completely or boarded up.

Some government assistance has come to many cities to help care for these empty homes until the banks find a way to sell them off, but the majority of foreclosed homes will still sit empty and uncared for, at least for a few months after the owner’s are escorted off the property. What happens as a result is that the neighbor’s of these homes now have to deal with an eyesore that gets worse the more time passes, which they have no control over, and which drops their property value for their own homes in the long run.

Peaceful, flower and tree lined communities are facing the devastation of abandoned homes falling apart unlived in while their own homes become worth less and less the longer this goes on. There is nothing these homeowners can do but watch these foreclosed homes fall apart as banks who now own them do nothing to save them.

Most cities are now tackling this problem by seeking government assistance, not to help struggling homeowners prevent foreclosures in the future, but to knock down these dilapidated structures for the most part. Some cities are also restoring some properties, but for the most part the empty homes will be bulldozed to make room for something new. Homeowners sitting nearby are usually welcoming to this idea, since it can help restore their plummeting property values in the future. There may be some hope in what felt like a hopeless situation for these homeowners.

We are all aware of the millions of struggling families who really could use some help keeping their homes out of foreclosure, but little is being said about homeowners who live next to these foreclosure homes and are suffering just as much. These are homeowners who are making their payments and doing the right thing, yet they are negatively affected by the bad luck of others around them.

Government assistance as well as help from nonprofit community organizations is being awarded to help some of the cities most devastated by the foreclosure epidemic, and can only be expected to increase for other cities struggling with falling property values as well.
Find Bank Owned Foreclosures at BankOwnedProperties.org or visit our Mortgage Calculator.

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