Wednesday, March 2, 2011

Coping With Chicago's Foreclosure 'War Zones'

This is so wrooooong. cities are given hundreds of thousands of dollars to deal with this mess caused by BANK NEGLECT, FRAUD and GREED. Why aren't the banks being FINED and told to clean it up? They have been paid over and over for the house. Those evicted have lost out - the state gets money for cleanup and now its up to volunteers? give me a break! Check out some previous posts in resource section at bottom of page:

Coping With Chicago's Foreclosure 'War Zones': "'The worst thing about that house was the owner and the lender were coming to court,' said Esenberg. 'And they knew about it.'

It costs up to $2,000 to board up a house, and up to $7,000 to stop an abandoned property falling any further into dereliction, according to Esenberg. A building stripped of copper pipes can cost up to $20,000 to renovate, he said, but that's still cheaper than demolishing and rebuilding.

To pay for the repairs, he places a lien on the building that has to be paid off before any other claims on the property. If the lender or owner doesn't pay up, he can foreclose on the building again.

Many of the houses are losing value so quickly, however, that many lenders would rather hand over the deed than pay for the repairs. Those houses are fixed up to a livable standard and sold to vetted owner-occupiers or affordable home developers through Neighborhood Housing Services in an attempt to stop them falling back into the cycle of neglect.

Additional posts recommended by me.

Robinhood States in Tights - Money Grants for cleanup

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