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Close Topic OptionsAbandoned Foreclosed Homes Breed Frustration
- Politics, Business, Civil, History - Posted: 28th Aug, 2008 - 3:25pm
Posts: 2 - Views: 705
Abandoned Foreclosed Homes Breed Frustration
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| The problem of abandoned, foreclosed houses is giving municipalities a big headache. As a wave of foreclosures sweeps the country, some residents and officials are taking a harder look at properties that have been forsaken by their owners and left to deteriorate. Neighbors fear blight will spread if the houses are allowed to decay, while town officials worry about vandalism or the spread of diseases such as West Nile virus from mosquitoes breeding in half-empty pools. One abandoned house ... has neighbors fuming. The two-family house on a large corner lot has been abandoned for several years and is now worn and weathered, with decayed gutters and waist-high grass growing throughout the yard. "We're afraid it will burn to the ground," said 82-year-old Walter Seyfert, as he rode down the sidewalk in his motorized wheelchair donning a hat saluting World War II veterans. "It's nothing but a firetrap now. . . . How'd you like to sit in your living room and look at that all day?" Dealing with abandoned houses presents complicated challenges. Owners of the properties, often out-of-state investors who foreclosed, ignore letters from health officials and others complaining about property upkeep. Confused chains of ownership mean it can take a long time for officials to reach the right person. Sometimes the owners are investment companies whose finances are nearly as shaky as that of the people who lost the house, making pleas for costly upkeep problematic. "One big concern is what happens in neighborhoods where these foreclosures are happening," said Mayor James E. Harrington. If houses are not sold quickly, thieves can break in to steal copper pipes and wiring, which makes it that much harder to sell the home, continuing the downward spiral, he said. Abandoned properties also take a subtle financial toll on other homeowners. While property taxes are paid by the banks, no water and sewer revenue is being paid to the city, which puts pressure on the city to raise rates. It's difficult to measure the exact scope of the problem. While there are hundreds of foreclosures across the region, some homes are resold quickly and never deteriorate; others sit for years and turn into decrepit messes. |
Source 7
It seems the current foreclosure crisis has far reaching effects. Even if your mortgage is not is not in danger of foreclosure you could end up bearing the burden of others who have abandoned their homes rather than fight to try and keep it. Many homeowners do not realize there are options they can use to try and save their home even if it is in foreclosure.
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Post Date: 28th Aug, 2008 - 3:25pm / Post ID: #
Frustration Breed Homes Foreclosed Abandoned
Yes many foreclosed homes can make a big difference on the homes that are around it and make a big burden on a smaller town that does not have the revenues to keep it going with a larger percentage of its homes not giving them the tax income.
TOPIC: Abandoned Foreclosed Homes Breed Frustration