Throughout San Bernardino county people have defaulted on their home loans and yet lenders have backed off on forced evictions, allowing many to remain in their homes essentially rent-free. Government pressure on banks to modify loans and a desire by lenders to keep from depressing housing prices further by dumping more properties into a weak market are driving factors in the trend. Additionally, allowing borrowers to stay in their homes helps protect the bank’s investment as it negotiates with the homeowners, which translates to less chance for vandalism and a greater likelihood that they're maintaining the house.
Now of course this situation won’t last forever, but for now the amnesty may allow at least some homeowners to regain their financial footing and avoid eviction - potentially even give them the breathing room they need to keep their homes.
Keller Williams Realty Success LLC - Littleton, CO
CO Realtor CRS, GRI, CDPE
The other side of this is if there are renters in a home and the rents get wind that sellers are in trouble have stopped paying rent. It happend to my sellers who moved in with their parents and tried to rent their home to bridge the gap of the buyers offer and what was owed to the bank. The rents stopped paying knowing the sellers didn't have the resources to get the renters out!
Jun 14, 2010 03:44 PM
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003
Mike: I read an article a few days ago that claimed there were 100,000 people like this in the Inland Empire. Makes me wonder how its all going to work out.
Jun 14, 2010 03:51 PM
Progressive Inspection Service - San Juan Capistrano, CA
Certified Master Inspection Services
It's called socialized housing. It's but another nail in the coffin of the America we've all known and loved. By what standard can this be considered a positive? Amnesty for people who've stopped making their mortgage payment and live in the house rent free? There is NO FREE LUNCH! I'm paying for those friggin freeloaders to stay in those houses. This will not stand! Our very jobs and careers are at stake when you allow this crap to spread across the country like the cancer it is. There soon will be no need for 1 million realtors, why would the government need all of you when they let people stay in houses for free?
Jun 14, 2010 03:59 PM
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home
Big Block Realty - La Mesa, CA
San Diego and La Mesa Real Estate
Mike, I'd sure rather someone be living there and caring for the home than for it to stand vacant.
Jun 15, 2010 12:27 PM
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