Lenders are abandoning defaulted properties
Bob Morris @ Apr 3rd 2008 17:45 - Category: Credit crisis
In some especially hard-hit areas, banks and mortgage lenders are walking away completely from foreclosed properties, and not taking re-title to them. This means the homes will be derelict, enough of them will mean entire areas will become wastelands.
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dave buccola on 14 Apr 2008 at 7:22 pm #
Bob,
Would this mean there is a potential for people to squat these homes and maybe take them back? If these homes are being abandoned, is this a possible opening?
dave
Bob Morris on 14 Apr 2008 at 8:41 pm #
Squatting doesn’t work here as well as in other countries. It was rcently tried in Florida and the cops eventually forced everyone to leav.
But if enough people did it….