Foreclosed Homes: Rotting Our Economy & Communities
Visible anger against the banks for creating the financial crisis through mortgage backed-securities is all too common, if a bit under-capitalized. But what about when we play it their way? What happens when the banks get the "deadbeats" out of their properties so they can be used to stabilize the housing market?
"House Full of Rats & Bank Don't Care"
Greenacres, FL resident Lynn McGee, along with the help of some local press, have the answer for us. The other half of McGee's duplex has been foreclosed for about 2 years now, but has had its sale date constantly set and postponed ever since - yet another mismanagement that mortgage lenders have made all too common. For some time now no one from the bank has even been near the property and it is infested with vermin.
So McGee hung a sign on her window to shame Bank of New York Mellon into doing something. So far they haven't had a response.
Foreclosure abuse is almost as American as apple pie at this point - the lesson to learn from this is that, while your home is one of the most valuable things in your life - if you give it away to the banks they will more than likely abandon it, bulldoze it, or at best, sell it for a fraction of the sum that were you foreclosed for owing. And all the while the courts are dropping contested cases left and right just to clear their backlog.