Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

bank foreclosed homes for sale

VIEWS: 626 PAGES: 2

									PRLog.Org - Global Press Release Distribution




               Bank Walkaways Present Opportunity for Foreclosure Cleaning Companies

       By Yuwanda Black for Foreclosure Business News
       Dated: Apr 02, 2009

       Bank walkaways; Never heard of the term? The reason you may not have heard of the term is because
       banks are doing it "on the down low," so to speak. Here's what it is, how it affects you and how foreclosure
       cleaning companies can benefit.

       Bank walkaways; Never heard of the term? Bank walkaways are when banks walk away from foreclosed
       properties. And, the reason you may not have heard of the term is because banks are doing it "on the down
       low," so to speak.

       Why are banks abandoning foreclosed properties? As explained in the New York Times article, Banks
       Starting to Walk Away on Foreclosures:

        "Banks are quietly declining to take possession of properties at the end of the foreclosure process, most
       often because the cost of the ordeal -- from legal fees to maintenance -- exceeds the diminishing value of
       the real estate. . . . The so-called bank walkaways rarely mean relief for the property owners, caught
       unaware months after the fact, and often mean additional financial burdens and bureaucratic headaches."

        As stated in the article, the problems left behind when banks walk away from foreclosed properties are
       numerous. Following are just a few.

        Bank Walkaways Leave Homeowners Responsible for Homes They Were Booted Out Of

        In a normal foreclosure process, when homeowners are foreclosed on, the lender (eg, a bank) assumes
       responsibility for the property until it is resold or rented to another dweller. But, when banks walk away,
       the responsibility for the property reverts to the person who’s name is on the mortgage -- ie, the person
       foreclosed upon in the first place.”

        But, they have usually moved on and don't have the money to keep up the property. In many cases, the
       property has been sitting empty for months and may be destroyed beyond repair, leaving the "broke" owner
       responsible for the clean up, clear out, repairing and/or demolishing of the property.

        As the New York Times article expounds on, many homeowners are often frustrated because, they wonder,
       "Why was I foreclosed on in the first place if the bank was just going to walk away from the property? I
       could have stayed in my home."

        As a side point, many don't know who to send mortgage payments to, even if they are in a position to
       resume paying the mortgage.

        Bank Walkaways Lead to Increased Crime

        Foreclosure homes for sale -- because they are uninhabited dwellings -- invite all kinds of crime, eg,
       graffiti, broken windows and doors, vagrant squatting and more.

        What's the solution to bank walkaways?

        Foreclosure Cleaning Companies Help Clean Up the Mess Bank Walkaways Leave Behind


                                                         Page 1/2
PRLog.Org - Global Press Release Distribution




 One of the first things that need to be done when a bank walks away from a foreclosed property is to make
sure that it is properly cleaned and secured. This includes boarding up windows and doors, maintaining the
lawn, and removing junk and debris. A full-service foreclosure cleanup company can do all of this --
helping to keep neighborhoods safe until the problem can be resolved.

###

Yuwanda Black for ForeclosureBusinessNews.com: To learn everything you need to know about the
foreclosure industry and how to start a foreclosure cleaning business, log on to http://
ForeclosureBusinesNews.com for 200 pages of first-hand information from the owner of a leading
foreclosure cleanup company in Atlanta, GA.

Category        Bank Foreclosures, Business Opportunity, Mortgage
Tags            bank walkaways, foreclosure cleaning, foreclosure cleanup, foreclosure clean, bank foreclosures,
foreclosure homes for sale
Email           Click to email author
Country         United States




                                                    Page 2/2

								
To top