Endangering Communities: Lenders Walking Away From Properties
By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
An article in today's The Plain Dealer illustrates a greatly under-reported but also increasing and disturbing trend: lenders walking away from properties. An owner will often receive a foreclosure notice from their lender and the lender will file for foreclosure on the property but will not actually foreclose on the property by taking it to sheriff's sale. The owner is gone, assuming the lender (or someone else) owns the property, but the lender does not own the property. The property becomes vacant, is often vandalized and stripped of any remaining valuables in the property: copper, gutters, siding, appliances, and the like. Cities are forced to levy fines against the owner for housing violations, which is still the individual who assumes they no longer own the property. Ohio Sta...