Banks Should Be Ashamed of Walkaways
As one commenter said, “What do you expect from a $9 per hour employee?”
In Milwaukee, more and more banks are guilty of “walkaways” … they foreclose and evict homeowners for delinquent mortgage payments and then - instead of putting the house back on the market for sale … THEY WALK AWAY.
John Mulkey, a real estate blogger from Georgia, said,
What’s happening is a crime—perhaps not legally, but figuratively. Sometimes it’s a crime against the very people who have already suffered the most; and other times it’s a crime against neighborhoods trying to recover from issues of high crime and drug dealing. In the words of Catherine Doyle, attorney with the Milwaukee Legal Aid Society, “This is just the meanest and nastiest thing (lenders) could do. Even more profound is the terrible damage to the community.”
Go read his entire post because I couldn’t agree with him more. I’m only able to share a small part of his post because of copyright issues, but it’s definitely worth a full read. From John stating that banks are taking one last shot at homeowners to this activity being egregious on a monumental scale. Also read through the comments section to see it’s happening all over the country - from Wisconsin to Arizona - banks don’t want to take title. One commenter said,
Even bulldozed, these pieces of Real Estate will still need to have a marketable title, which seems to be a big problem. I can imagine that title insurance for this kind of situation should sky rocket. When a bad impact on the communities and all the future home owners!
Another commenter added this would’ve been a good opportunity to pass the homes to Habitat for Humanity. I think some banks / lenders need to look at the bigger picture and see how their actions are affecting neighborhoods and the good they COULD do if they’d use some common sense.
Photo by Editor B via Flickr Creative Commons.
July 14th, 2009 at 2:31 pm
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July 14th, 2009 at 3:22 pm
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