Quote:
Originally Posted by Dr Winston O Boogie jr
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.
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Agree. Probably most of these properties are due to the owners dying or being put in a care facility. The heirs can't/won't pick up the property maintenance and debt, so the house eventually goes into foreclosure. That's what happens in a retirement development. Lots of old people with maybe 15 or 20 years left.