Real Estate News:
Big Banks Face Foreclosure Themselves
Some Of The Strangest Real Estate News Comes In The Form OF Major Banks Facing Foreclosure By Homeowner's Associations
Well, we've heard it all now, and this bit of real estate news is an eye-popper. It seems that a lot of the major banks are foreclosing on homes and condos that fall under the jurisdiction of Homeowner's Associations. Many of these associations have requirments that may include dues paid by the homeowner and maintenance that is the responsibility of the homeowner. Apparently, many of the banks are not paying the dues or doing the maintenance, and are now facing foreclosure by the Homeowner's Associations!
Read about it here in this real estate news report from Morgan Brennan in Forbes:
Morgan Brennan – “There are no big banks that aren’t wrapped up in this trend,” adds Solomon. Cases have been leveled against Citibank, Bank of New York, Wells Fargo, Deutsche Bank, Bank of America, U.S. Bank, Countrywide, GMAC, HSBC, Washington Mutual, Penny Mac, and Aurora." … FORBES
Real Estate News Of The Weird
It seems that up to 40% of the residences in Florida that fall under the control of Homeowner's Associations are currently in default on dues. Much of this is due to bank owned properties not keeping them up to date. I suppose nothing is really surprising anymore when we talk about the major banks. Apparently they are still overwhelmed by the sheer size of the problem … and this is just another result.
Real Estate News