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demolishing foreclosures: Punishing Foreclosure Victims--Some Banks Take One Last Shot - 07/13/09 05:12 PM
In an article today in the Milwaukee Journal Sentinel, it was reported that it’s becoming commonplace for lenders to refuse to take title to some properties following foreclosure. Why would a bank bother to foreclose and then abandon the property? It’s simple economics. Many of the homes just aren’t worth the bank’s efforts. But then, why would they foreclose? And who ultimately owns such properties? The answers are often as confusing an illogical as the creation of the subprime collapse that precipitated the problem.
 
What’s happening is a crime—perhaps not legally, but figuratively. Sometimes it’s a crime against the very … (208 comments)

demolishing foreclosures: Should Foreclosed Homes Be Doomed to Demolition? - 05/04/09 03:22 PM
Recent stories of foreclosed homes being demolished has brought attention to the growing numbers of bank owned homes falling into disrepair. With the foreclosure numbers continuing to climb, banks are facing the stark reality that what was once an asset has become nothing more than a major liability, costing both money and resources; and many are beginning to consider demolition as a practical alternative. Banks, not generally acclaimed for their prowess in handling foreclosed property, and now the owners of hundreds of thousands of such properties, have begun to react to the strain of ownership.
 
How could such a drastic … (13 comments)

 

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