The lenders will eventually walk away! WHAT??
Many houses in Cleveland's central city neighborhoods have been so damaged by looting, fires and weather that they are almost total losses. The lenders will eventually walk away from them.
"The lenders will come to us and say, 'We just can't hold the properties any longer. We don't want to pay the demolition costs. Here's the property,' " said Jim Rokakis, Treasurer of Cuyahoga County, which includes Cleveland, one of the cities hardest hit by foreclosures.
http://money.cnn.com/2007/11/29/real_estate/foreclosure_tax_drop/index.htm?postversion=2007112914
MY 2 CENTS:
DOES ANYONE ELSE SEE A PROBLEM WITH THIS? Agents on the battlefront continuously fight with lenders on a regular basis for approval on their short sales. Most agents even choose to walk away from the frontline of lender business because the fight is just too difficult. Yet, I see news posts like this and I can't help but think someone, somewhere is missing something. Who is controlling and making the decisions at the lender loss mitigation departments? Are they insane? Forget the sellers, the buyers, and the agents, what about the Share Holders and investors? Do they know their investments and assets are being burned then given away? I smell class action law suit!
