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Residents Suffering from Foreclosure Plight
USINFO | 2013-12-23 15:41
Banks in two cities have passed the ordinance for neglect of foreclosed homes. This comes to effect from 4th July, for which number of attorneys will be causing. Their contention is not to let go of the property to the bank till the title is in their hands, and take on any maintenance responsibility that is required to keep these properties in shape.
As these vacant foreclosures are attracting crime and spreading diseases, residents are becoming restless and losing patience as it brings down the price of their property.
Residents living near these foreclosed houses, like Martin and Rosa Mariscal, are worried about their kids who come across drug addicts and alcoholics. For community empowerment, Alliance of Californians has joined hands with the city council, which empowers the residents to complain about such properties.
Since the downfall of the US economy, many have washed their hands of their jobs, and in return, lost on the property they bought which became unaffordable for them. Though banks are not the only culprits here, but instead of repossessing the unit, they can actually find a new buyer when the house is in good condition. The councilor claims that banks are majorly responsible for the dilapidation of these homes, and should take up the cleaning work of such properties.
One of the residents who admitted that since they were in knee deep dept, the house he and his family were living in since a few decades has been taken away due to foreclosure, and it is painful to see it going down slowly and gradually, from across the street where he is a tenant now. With this, he has learnt his lesson that each one should take on responsibility & manage their finances, unlike her mother who failed to manage theirs. He said, “I think they bear some responsibility for creating this crisis in the first place”.
Similarly, 24 year old ex-homeowner Paul Blight also felt that he too lost out on a home where his family had been living for well over half a century to foreclosure. It was heart-wrenching for him to use his home fall into disrepair as he can see it in the neighborhood every day. Paul said, “I’ve learned so much from all this. Everyone bears some responsibility.”
Though banks are waking up and realizing that homes need to be sold in good shape and can realize a better return on sales, many fear that it may be a case of ‘too little to late’ on their part.
As these vacant foreclosures are attracting crime and spreading diseases, residents are becoming restless and losing patience as it brings down the price of their property.
Residents living near these foreclosed houses, like Martin and Rosa Mariscal, are worried about their kids who come across drug addicts and alcoholics. For community empowerment, Alliance of Californians has joined hands with the city council, which empowers the residents to complain about such properties.
Since the downfall of the US economy, many have washed their hands of their jobs, and in return, lost on the property they bought which became unaffordable for them. Though banks are not the only culprits here, but instead of repossessing the unit, they can actually find a new buyer when the house is in good condition. The councilor claims that banks are majorly responsible for the dilapidation of these homes, and should take up the cleaning work of such properties.
One of the residents who admitted that since they were in knee deep dept, the house he and his family were living in since a few decades has been taken away due to foreclosure, and it is painful to see it going down slowly and gradually, from across the street where he is a tenant now. With this, he has learnt his lesson that each one should take on responsibility & manage their finances, unlike her mother who failed to manage theirs. He said, “I think they bear some responsibility for creating this crisis in the first place”.
Similarly, 24 year old ex-homeowner Paul Blight also felt that he too lost out on a home where his family had been living for well over half a century to foreclosure. It was heart-wrenching for him to use his home fall into disrepair as he can see it in the neighborhood every day. Paul said, “I’ve learned so much from all this. Everyone bears some responsibility.”
Though banks are waking up and realizing that homes need to be sold in good shape and can realize a better return on sales, many fear that it may be a case of ‘too little to late’ on their part.
