Foreclosure Synonymous With Dereliction

Posted on June 11, 2008
Filed Under Foreclosure Homes | Leave a Comment

Foreclosures have become synonymous with dereliction. Amy Selheimer’s complained to the civic authorities soon after her neighbours evicted from their repossessed house and the property fell into disrepair with an overgrown garden. When response from that end was slow she and other neighbours pitched in to take it in turns to mow the yard. A car was kept parked in front of the house to deter vandals from moving in. This went on for quite sometime until the persons concerned for its upkeep made arrangements.

This is the scene right across the country. The neighbours, house owners association and local officials are at their wit’s end trying to clear up the debris left behind by the foreclosure tsunami. There is hectic research activity going on trying to pinpoint the owners of these foreclosed units so that lawns can be trimmed and swimming pools drained.

More often than not the recent trend is that the new owner is an outsider – perhaps somebody or groupresiding outside the international borders of America. In that case it has become the responsibility of the mortgage servicer to take on the task, said Daniel Crane of Massachusetts who is the undersecretary of consumer affairs.

Elizabeth Shurtleff of Nevada Department of Business & Industry complains that the task is onerous and is much more complicated than superficially seen. Nevada has the highest foreclosure rate in the country – 3.6 times above the national median. Across the country the foreclosure rate is 1:519 according to RealtyTrac that keeps monthly foreclosure figures. The problem is compounding – it being difficult to assess what is the prime cause behind this foreclosure debacle. It has been building up for years. Arizona’s numbers were the third highest in April 2008. Bruce Tunell of Arizona Department of Financial Institutions comments “We’re hearing more and more about it.”

Peter Kristian of Community Associations Institute in Alexandria complains that vacant abandoned units are posing health hazards as well as raising concerns about law and order. The pools are turning stagnant, the units are being stripped of its basics like piping and electric lines. Disease and worms are stalking the communities. Those who are directly affected are the neighbours. They are putting in joint efforts to trim the lawns with their own mowers but that legally tantamounts to trespassing! Recently house owners associations have managed to get the legal green signal to interfere and see to the general health of the locality.

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