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Thread: Houses in limbo strain communities

  1. #1
    Tony Fracasso - Admin
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    Houses in limbo strain communities

    zombie homes

    Houses in limbo strain communities

    The vacant house, with its peeling paint and broken railing, stands out as an eyesore among well-maintained homes in the middle of a block in South Buffalo. It has become a zombie house – abandoned by its owner but not foreclosed upon by the bank.
    Excellent article in Sundays Buffalo News

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    Tony Fracasso - Admin
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    When you community loses population and is sprawled out because of bad planning by our local elected officials you end up with the mess we have.

    This about this. When you have developers building further and further away from the city what do you think happens to the existing properties? People move to the newer built areas and with population loss in erie county you don't have people to fill the empty older homes.

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    Thank you Bank of America. They have and continue to use less than honest tactics to force foreclosures. While most people hear daily radio adds TV ads proclaiming President Obama's "Save Homes Program" - "Low interest refinance" - it isn't available to thousands of families across America.

    Bank of America admitted to stalling home owners to force foreclosures - some of their tactic include "losing home owners payments" - "denying home owners payments" - lying about refinance eligibility - claiming not to have received verified faxed documents and making the home owner resubmit these items numerous times.

    The banks can sell a house at whats called a "Short sale" - that means they can write off the loss and still go after the prior owner to make up the difference between loan amount and final sale proceeds.

    Recently mainstream media professed another Obama action returned millions to affected home owners. Truth be known, the average check was $300.00. So I guess if your $300,000.00 home was foreclosed on under false pretenses - $300.00 is supposed to make it all better.

    Banks need to be held accountable - instead of bailing them out President Obama should use the full power of Government to sue them.
    #Dems play musical chairs + patronage and nepotism = entitlement !

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    Tony Fracasso - Admin
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    Banks need to be held accountable - instead of bailing them out President Obama should use the full power of Government to sue them.
    Banks do need to be held accountable but so do people who over spend on a home.

    We spent $110,000 on our house with about $30,000 for down payment/closing cost. The bank basically pushed that we could borrow more for a larger home or renovations. We just said no. The realtor tried to "upsell" to a larger home because the bank would have given us a larger mortgage.

    I don't get why people want to own a "McMansion" with a 30 year mortgage. Specially seeing what property taxes are in Erie County.

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    Quote Originally Posted by WNYresident View Post
    When you community loses population and is sprawled out because of bad planning by our local elected officials you end up with the mess we have.

    This about this. When you have developers building further and further away from the city what do you think happens to the existing properties? People move to the newer built areas and with population loss in erie county you don't have people to fill the empty older homes.
    That's called free enterprise. Are you suggesting that development be regulated?

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    Tony Fracasso - Admin
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    Absolutely not. What I'm saying is if someone bit off more than they could afford I don't believe they should be bailed out. The purchaser/bank both lose.


    But to the topic of the thread. Perhaps our community should step back and realize why we have vacant homes/businesses.

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    Quote Originally Posted by WNYresident View Post
    Absolutely not. What I'm saying is if someone bit off more than they could afford I don't believe they should be bailed out. The purchaser/bank both lose.


    But to the topic of the thread. Perhaps our community should step back and realize why we have vacant homes/businesses.
    Interesting as new homes are being built fairly regularly. Seems like a bit of a contradiction. In fact, the free market is simply at work selling one area versus another. Usually "good schools" are used to push real estate.

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    Quote Originally Posted by WNYresident View Post
    When you community loses population and is sprawled out because of bad planning by our local elected officials you end up with the mess we have.

    This about this. When you have developers building further and further away from the city what do you think happens to the existing properties? People move to the newer built areas and with population loss in erie county you don't have people to fill the empty older homes.
    The market should decide where people live. If developers build new home and eradicate green space, then so be it. If older homes are left emptied, so be it. That's the market.

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    Tony Fracasso - Admin
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    Quote Originally Posted by Genoobie View Post
    The market should decide where people live. If developers build new home and eradicate green space, then so be it. If older homes are left emptied, so be it. That's the market.
    You still missed my point.. I understand what the market is. I said "Absolutely not. What I'm saying is if someone bit off more than they could afford I don't believe they should be bailed out. The purchaser/bank both lose."

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    I agree with people who actually "bit off more than they could chew" deserve the consequences.

    Yet before the market crashed - before we had a big employment down turn - did they all just bite off too much, I don't believe so.

    Real estate "values" were inflated by developers - taxes were increased because of service costs - the market tanked because the dollar shrank - taxes keep rising because government keeps spending. Thats a over simplification !

    Now for the "Zombie Homes" - most are empty because of foreclosures. Its easy to say all those owners "Bit off more than they could chew" - is that factual ? Or did some of them loose their jobs ? Did some of them have limited income and interest rates and taxes put them in trouble ? How many were seniors on social security ? How many were average lower income people who had to choose between heat or food ?

    Yes, most of us are safe in our homes - but look around - talk to friends and neighbors - everyone knows someone who was or is close to foreclosure or bankruptcy. Did they too just "bite off more than they could chew"?

    Did they all have too many credit cards - to many new cars and payments - how many of them lived in $300,000.00 dollar homes ?

    Most of the homes in the "Zombie Class" aren't - they are average and mainly "City Types" -

    Most of the empty homes that have not been foreclosed on are ones that had tenants who skipped and the owner cant afford or doesn't care to rehab them. I check the auction sheets in City Hall every time they come out - many of these "Zombie Homes" aren't being auctioned or foreclosed on - so some person is writing off the loss.

    Some are people who bailed out after realizing foreclosure was eminent. Until you've had ruthless bankers attack your life - refuse your payments - deny you even sent one - your bank tells you your payment was returned. When they tell you month after month "We are foreclosing unless you let us short sell" your home - what would you do.

    Its easy to say, "I'd sue them, they cant do that, I own my home" - Maybe you'd be smart enough or have enough tucked away to beat them - maybe not ?

    One man in Florida woke to a knock on his door - its was Sheriffs with a eviction notice - "How could this be he asked" - the Sheriff said, "The Bank of America sold this House- you have twenty minutes to collect your belongings" - as he packed his car - while two Sheriffs and two local Officers watched - a lock smith changed all the locks and secured the house.

    Guess what - this is a factual story printed in the national news - Bank of America screwed up - later it was found that there wasn't any mortgage to foreclose on - the man had no mortgage - it was a "Computer Mistake" - in their defense the Bank said, "He never responded to our notices so we foreclosed and sold" - Its just that easy folks.

    Last point - did more than 800,000 Americans simply bite off more than they could chew ?
    Last edited by 4248; June 24th, 2013 at 11:17 PM.
    #Dems play musical chairs + patronage and nepotism = entitlement !

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    It's time to force out of state as well as in state home landlords who buy for tax brakes and extra income to pay up at least a hundred thousand dollar Zombie home fee. This money goes into an escrow account incase these landlords go bust, disappear, get foreclosed on this way the Town or city can use that fee money to repair or tear down blight properties.
    Riven37
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    Tony Fracasso - Admin
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    Last point - did more than 800,000 Americans simply bite off more than they could chew ?
    For the most part yes including the banks.

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    Quote Originally Posted by Riven37 View Post
    It's time to force out of state as well as in state home landlords who buy for tax brakes and extra income to pay up at least a hundred thousand dollar Zombie home fee. This money goes into an escrow account incase these landlords go bust, disappear, get foreclosed on this way the Town or city can use that fee money to repair or tear down blight properties.
    Wow, that sounds a lot like regulating business. Would you ask the "government" to enact such legislation?

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    Member Riven37's Avatar
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    No I would not but something needs to be done. There are more out of state landlords than you may think and these people cause most of our blithe in our Towns and cities. Regulation is the only weapon we have if you have better idea lets hear it. I vote for what is good for the country, town, city not what is good for a bunch of dumb fools in a party.

    Quote Originally Posted by Genoobie View Post
    Wow, that sounds a lot like regulating business. Would you ask the "government" to enact such legislation?
    Riven37
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    Tony Fracasso - Admin
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    Quote Originally Posted by Riven37 View Post
    No I would not but something needs to be done. There are more out of state landlords than you may think and these people cause most of our blithe in our Towns and cities. Regulation is the only weapon we have if you have better idea lets hear it. I vote for what is good for the country, town, city not what is good for a bunch of dumb fools in a party.
    Review the root cause before adding more regulation.

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