Foreclosures and Crumbled Dreams- By: Dywon Erick Dylon
The Foreclosures mess has not left most places in the country unscathed and this includes Lane County. This is not referring only to the sloppy paperwork by banks, but also the vandalizing of abandoned homes by leaving homeowners.
For instance, the owner of a foreclosed property in Hawkins Heights cut a big hole in the wall of his kitchen in order to take out his Jacuzzi with him, as he left. Some other homeowners have left obscenities drawn on the walls or smashed the walls using golf clubs. Many homeowners subject to foreclosures stopped paying for garbage collection, so their homes are littered with truck loads of trash and they abandon these homes in such a mess. Some even leave pets behind.
From 2007, ever since the housing crisis in the nation reached Lane County and there was a surge in foreclosures, a section of professionals emerged to fix, clean and sell houses repossessed by banks on their behalf. Thus, according to an agent in Real Estate, this section represents an unprecedented system in Real Estate culture that people were unaware of. And there are only a few agents in this line of business.
These professionals, who are only counting several dozen, have had to deal with over 800 foreclosures in the past year. This is without counting cases where owner signs over the home to the bank to avoid foreclosure. There was a slowdown in foreclosures in the last two months of 2010 due to the fact that a few banks were reviewing their paperwork and also others announced a moratorium on foreclosures in the holiday season. However, the rate of foreclosures is not likely to decline much in the forthcoming year.
A Real Estate agent commented that he was in contact with a lot of unemployed who had been getting unemployment benefits. The number of people has stated to decline as unemployment benefits on which they depended started to wane. With unemployment benefits disappearing, a fresh slew of foreclosures are expected.
Those wanting to fix foreclosure properties mostly have to wear masks inside. These properties are filthy and require a lot of hard work to fix them. Thus, in cases which are not too late, when homeowners are still staying in the foreclosed homes, Real Estate agents try to negotiate an exchange of cash-for-keys. The bank or lender, such as Bank of America, Wells Fargo, Fannie Mae and Freddie Mac, will give the homeowners around $1000 to $3000 to leave without a law suit for eviction and to leave the home in a good condition. Cash for Keys provides a good result, according to Real Estate experts.
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