Comments on: Yeah, bail them out http://blackinformant.com/2008/05/05/yeah-bail-them-out/ African-American culture, news commentary, politics Fri, 16 May 2008 03:36:25 +0000 http://wordpress.org/?v=2.5 By: Duane http://blackinformant.com/2008/05/05/yeah-bail-them-out/#comment-236167 Duane Tue, 06 May 2008 15:50:41 +0000 http://blackinformant.com/?p=4319#comment-236167 Now just imagine a subdivision where 25 - 30% of the homes are like your neighbor's. That has become the norm in some parts of the Inland Empire. For one town not that far from me, it got so bad that they had to pass an ordinance that required homeowners to take care of their lawns even after they vacated the property. Honestly, I don't know how they are going to enforce something like that unless a lien is involved. Even if that was the case, FOLKS DON'T CARE. Their attitude is "let the bank worry about that". What is really messed up about this is that many of these same folks who are walking away from their homes are walking into brand new homes. How? When they know that their mortgage is about to reset, they will find a new home, get an awesome deal and move in BEFORE the foreclosure hits their credit report. Fortunately some banks are starting to catch some of this during the loan process. This has become investor heaven for some communities, but with that comes renters. When your subdivision is made up of a good percentage of renters, it is not a good thing. Now just imagine a subdivision where 25 - 30% of the homes are like your neighbor’s. That has become the norm in some parts of the Inland Empire. For one town not that far from me, it got so bad that they had to pass an ordinance that required homeowners to take care of their lawns even after they vacated the property. Honestly, I don’t know how they are going to enforce something like that unless a lien is involved. Even if that was the case, FOLKS DON’T CARE. Their attitude is “let the bank worry about that”.

What is really messed up about this is that many of these same folks who are walking away from their homes are walking into brand new homes. How? When they know that their mortgage is about to reset, they will find a new home, get an awesome deal and move in BEFORE the foreclosure hits their credit report. Fortunately some banks are starting to catch some of this during the loan process.

This has become investor heaven for some communities, but with that comes renters. When your subdivision is made up of a good percentage of renters, it is not a good thing.

]]> By: DarkStar http://blackinformant.com/2008/05/05/yeah-bail-them-out/#comment-236166 DarkStar Tue, 06 May 2008 00:31:19 +0000 http://blackinformant.com/?p=4319#comment-236166 I'm afraid a problem neighbor is going to do this when his house sells. He already wasn't taking care of the property as it is and he is just a real big pain in the but. I’m afraid a problem neighbor is going to do this when his house sells. He already wasn’t taking care of the property as it is and he is just a real big pain in the but.

]]> By: Duane http://blackinformant.com/2008/05/05/yeah-bail-them-out/#comment-236165 Duane Mon, 05 May 2008 16:17:21 +0000 http://blackinformant.com/?p=4319#comment-236165 Many of these banks are so strapped financially that pursing folks to pursue any kind of legal action would not make sense. Getting the property back is the bigger fish for the bank. Folks know they can get away with this crap which is why they keep doing it. This REALLY pisses me off because folks who do this kind of stuff are actually contributing to declining housing values for other homeowners in the area. Many of these banks are so strapped financially that pursing folks to pursue any kind of legal action would not make sense. Getting the property back is the bigger fish for the bank. Folks know they can get away with this crap which is why they keep doing it.

This REALLY pisses me off because folks who do this kind of stuff are actually contributing to declining housing values for other homeowners in the area.

]]> By: DarkStar http://blackinformant.com/2008/05/05/yeah-bail-them-out/#comment-236164 DarkStar Mon, 05 May 2008 13:12:37 +0000 http://blackinformant.com/?p=4319#comment-236164 I don't understand why the people leaving aren't charged with vandalism and destruction of property. I understand that people say a mortgaged home is theirs, but when a person vandalizes property the bank is about to take back, there should be some recourse to recoup the costs. I don’t understand why the people leaving aren’t charged with vandalism and destruction of property. I understand that people say a mortgaged home is theirs, but when a person vandalizes property the bank is about to take back, there should be some recourse to recoup the costs.

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