The Horrific Reality of Abandoned Foreclosed Houses
November 20th, 2008
The local agent of the lender trying to put pieces into order often comes up with the horrific reality of abandoned repossessed house.
Matthew Eveler in North York has been suffering for living next to a foreclosed house, putting up with smell of animal droppings and fights between groups of trespassers. One day he saw someone brushing his teeth in the garden and when asked why he was not using the bathroom Matthew was told that there were no pipes. The owner had ripped out all resalable fittings before leaving.
In July Fannie Mae wrested the foreclosed houses from the owner. Mark Saunders was appointed by the mortgage company to take possession of the house. A horrendous sight met him when he walked in. The wallpaper was in shreds, the pipes and fittings missing and piles of dog waste littering the floor. The house gave out a mouldy smell. Saunders is an agent working for Morgan-Collins. He said that often people will stoop low enough to strip down the house that was once their own, in a show of frustration and anger.
For the last decade Saunders has been evaluating foreclosed units that came under the purview of Fannie Mae. These houses failed to be sold at the court auctions and find their way back to the general real estate market. He noted that recently there has been a sharp increase in the number of costly properties in the suburbs. These have been foreclosed upon and then they land up in the market after failing to make it in the Sheriff’s auction. Saunders observed that previously when people failed in their mortgage commitments the houses were sold to clear the dues. Now that option is no longer there because of the mood in the real estate market. Often the value of the house is less than the loan amount. Many of these houses were bought during the housing boom years. But now all that has turned topsy-turvy.
Till the end of September 2008 there have been 1,301 foreclosure listings in York County. In 2007 the number was 1,281 foreclosure postings. The lender usually waits for three missed payments before issuing a foreclosure notice. The entire judicial process of foreclosure requires about twelve months to run its full course. Not all the houses end up as REOs. Sometimes the borrower and the lender work out negotiations that are practical, realistic and beneficial to both parties.
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