My neighbor has recently turned her home over to the bank after failing to bring it out of foreclosure by trying to sell it or refinance at a lower rate. What steps do we need to take to be proactive in holding the bank accountable for maintaining the home? I have contact information for the bank and for their attorney already. Thank you to all.
Make certain that your local code enforcement office is aware of this. Some banks (especially if it is a local bank) get right on it and keep the property in tip-top shape. Other, large, far-off mortgage companies do nothing!!!! They do not even pursue it, just let it sit, get nothing for the property, and let the municipality deal with it.....sometimes for years!
This is especially true if it is a bankruptcy. I do not know the reasons for these things, but this is what occurs. I worked in code enforcement until recently, and this was one of our biggest frustrations. It is great that you are already on top of it. Good luck!
Posts: 3198 | Location: central PA | Registered: Jan 08, 2007
When there is a foreclosure, seems all neighbors are nervous about grass mowing, home deterioring, etc. Sometimes neighbors pitch in and mow. Sometimes associations hire mowing and bill the banks. Some neighbors get together and write a certified letter to the bank, expecting maintenance "without fail." Calls to code enforement is another option. Expect approx. 1 year to process foreclosure before new family moves in. Don't worry too much about your neighbor, many banks offer moving compensation/relo expense...including deed in lieu of foreclosure.This message has been edited. Last edited by: real estate lady,
Thanks, REL. The main reason we have decided to be proactive is because the house has not been maintained over the years and will only get worse without anyone in it. Codes have already responded and forced some safety issues to be completed. I like your idea about the letter to the bank from the neighbors.
Good glad you like the letter to the foreclosing bank. Get a bunch of neighbors to sign it. Wording should be along the following lines.
As you are aware, xxx address is in foreclosure according to our research, and we want to make you aware of the following 1, 2, 3, etc. "we are not sure the home is secure.." usually gets the most attention. There is much copper theft in homes including Florida. Approx. repair $20,000.00. They are very aware of this problem. You can go on and list other problems. list 1, 2, 3 - 1 page. Not wordy. Good Luck.
Make sure you send certified return receipt.. 3-5 bucks.This message has been edited. Last edited by: real estate lady,