Sunday, June 26, 2016

Zombie Law Having Effect

    Sounds like that zombie property law is already having some effect on banks holding on to the countless abandoned and vacant properties in the area.
     A fellow I know who does inspections for a firm that works for the banks tells me since the law passed there is a marked increase in the calls for inspection and photos showing any deficiencies that could result in large fines. I am told there is also more interest in selling these properties.
     It would be interesting to know how widespread this intensified interest is, but it's certainly evidence of some progress on the zombie front.   However, the new state law also allows people not paying to stay in properties, so there are costs to the system. 
     By and large, seeing the banks and others move these properties along is a good thing.


Anonymous said...

NO it is not a good thing. This is a cost to the banks and it will be passed on to those of us who actually pay our mortgages.

If you don't like a zombie house in your city, pass a property maintenance law in your city and enforce it. Just because the squatters can't afford to pay the thousand dollar mortgage they promised to pay, doesn't mean they can't afford to hire a lawn mower for $50 bucks. And they certainly don't' deserve to live in the house they are not paying the mortgage on. Put them in public housing if they don't pay.

Anonymous said...

I'm with 7:52. As most Benito ideas, the real cost will be passed on to the consumer. Hell, we gots the money.

Anonymous said...

Zombie houses exist (as reported by critics years ago) because of a corrupt agreement orchestrated by the Fed gov't to save the banking system. These zombie homes are carried as bank assets instead of losses and assigned whatever value the bank determines. Critics further claim should all the zombie homes be put on the market the mortgage banks would collapse.

It's a classic catch-22. Banks (ex) gave mortgages of $140K for $30K homes. These went into foreclosure and the bank needs the money back only no one has $140K for a $30K uninhabitable home in need of repairs. In short, the mortgage system is a fraud.

Anonymous said...

I am happy to hear that there is progress on the empty homes in our area. I have been paying attention to the recent closings and see a number of them are for sale amounts much, much less than assessment. If I were the new buyer, I would be beating a path down town to get my assessment lowered and in return my taxes. But that makes me wonder about how the city will handle a decreasing tax base but have homeowners that will want and need services such a fire and police protection.

Anonymous said...

I have no problem with zombie houses.

Prefer them empty and decrepit, as opposed to occupied with the dregs of society and decrepit.