Quote:
Originally Posted by rubicon
I have always suspected there are/were a number of potential buyers who did not have the means to buy here. I had hoped with the demand for 20% down and other underwriting by banks, etc that it would have eliminated most of the unqualified. Let's hope the underwriting process here is not mimicking the rest of the country which is returning to granting loans to people who are not really qualified buyers?
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I think that most of these homes have been abandoned and many are the result of the owners passing away. Often the heirs cannot be found or the liens on the homes are so high that the heirs want nothing to do with them. I don't know if banks giving loans to unqualified people is a big part of the problem here.
I know of one instance where the owner came down with Alzheimers and had to be institutionalized.
It takes 3-4 years for a bank to foreclose and many of these homes have no mortgage.
It takes even longer for the government to foreclose for unpaid taxes.
The Villages has found that it takes less time to foreclose for unpaid amenity and utility fees so they're going that route.