[CitizensTruth] The Other Shoe Drop In The Foreclosure Crisis: Non-completed Forclosures haunt unaware homeowners and communities

[Daniel Stafford]

Who said a federal agency to track it? I was thinking more along the 
lines of Code Pink or the ACLU.



Geri Perry wrote:

> Well.....

>

> guess what ? The crooks are back in business - reinventing themselves 

> as "loan fixers."

>

> This is an all out war on the middle class, but we don't want another 

> federal agency to track this **** as the fallout from the Home Owners 

> Loan Corporation of the 1930s clearly showed.

>

> We need MONETARY REFORM, and decentralization of the banking system. 

> Otherwise, the more things change the more they will stay the same!

>

> geri p

>

>

>

> Daniel Stafford wrote:

>> *Foreclosures at Record High in First Half 2009 Despite Aid *

>> http://www.truthout.org/071609A?n 

>> <http://messenger.truthout.org/ss/link.php?M=33448&N=109&C=3de39b7f486da6123cdc0933336b67b4&L=884> 

>>

>> Lynn Adler, Reuters: "U.S. home foreclosure activity galloped to a 

>> record in the first half of the year, overwhelming broad efforts to 

>> remedy failing loans while job losses escalated."

>>

>> http://blog.cleveland.com/metro/2009/07/bank_walkaways_from_foreclosed.html 

>>

>>

>>

>>       Bank 'walkaways' from foreclosed homes are a growing, troubling

>>       trend

>>

>>

>>         Posted by Sandra Livingston/Plain Dealer Reporter

>>         <mailto:slivings at plaind.com> July 19, 2009 09:00AM

>>

>>

>>

>> John Kuntz/The Plain Dealer

>>

>> A pair of boarded up windows are overgrown with vines on a foreclosed 

>> home on the city's East Side. Banks are backing away from properties 

>> they have foreclosed on creating a new set of issues for neighborhoods.

>>

>> Renetta Atterberry thought she had lost her East 102nd Street house. 

>> So she was shocked to learn in January -- five years after her 

>> mortgage company filed for foreclosure -- that it was still in her name.

>>

>> Worse, the long-vacant rental home had been vandalized and she faced 

>> a raft of housing code violations. Since then, she has been saddled 

>> with debts of* *about $12,000 to pay for demolition and back taxes.

>>

>> "I thought I had nothing else to do with that home," said Atterberry. 

>> "I was so embarrassed and humiliated by this."

>>

>> Her mortgage company didn't buy the house and never took it to 

>> sheriff's sale to see if somebody else would, leaving Atterberry the 

>> legal owner, responsible for upkeep and taxes.

>>

>> These so-called "bank walkaways" are another troubling development in 

>> the foreclosure crisis, particularly in cities like Cleveland with 

>> weaker housing markets, say housing advocates and government officials.

>>

>> Lenders or mortgage companies decide they don't want homes they have 

>> already foreclosed on...

>>

>> Full Story:

>> http://blog.cleveland.com/metro/2009/07/bank_walkaways_from_foreclosed.html 

>>

>>

>> ---------------------

>>

>> >From Dan:

>>

>> The above article is a Must Read item. You have a vastly incomplete 

>> picture of the damage being done by the foreclosure war on the Middle 

>> Class and municipal governments if you aren't aware of this. This 

>> issue screams out for a nation-wide organization to track and 

>> overcome it. These banks are willfully evicting people from their 

>> homes, then walking away from the half-completed foreclosure process 

>> without removing the prior homeowners' names from legal title. This 

>> leaves the prior homeowners, who thought they no longer had anything 

>> to do with these properties, liable for code violations and back 

>> property taxes, while leaving the homes rotting away in legal limbo. 

>> It has an horrific effect on communities.

>> ------------------------------------------------------------------------

>>

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>>   

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