Run Down Reverse Mortgage Houses

[gocubsgo]

We live in Silver Lake, which I consider to be the Reverse Mortgage/Abandonment Capital of TV. On our street alone, there are 3 house that have gone in reverse mortgage/abandonment after the owner's have died and there are at least 2 more that will be in reverse mortgage soon. These houses are SO run down and neglected, there are actual trees growing out of the gutters. They are covered in mold and have weeds taller than the front doors! (one of them doesn't even have a front door...it's leaning up against the house under the carport!). Old, moldy filthy furniture piled under carports and Hearing Notices or Abandoned Property notices on the windows. Calls to the banks and Deed Compliance are a waste of time. No one cares. In fact, Silver Lake has gotten so bad, we have decided to move and get out of here. It's embarrassing to invite people over and have them drive past these houses.

Why do the banks allow these houses to sit like this? One on my street has been like this for 4 years now.

[judylou]

We have the same problem on our street. The only thing I can say that if these houses were in LSL they would find a way to take care of them. There are plenty of people that take pride in their houses and it is just not right. Our neighbors have even paid someone to cut the grass. We now have two empty houses on our street...

[JB in TV]

Just to clarify..are you sure you are using the term "reverse mortgage" correctly? Or do you mean foreclosure? Or just abandoned? I'm not doubting that there are properties in disrepair, and that is a huge issue.

[graciegirl]

Just to clarify..are you sure you are using the term "reverse mortgage" correctly? Or do you mean foreclosure? Or just abandoned? I'm not doubting that there are properties in disrepair, and that is a huge issue.

I agree.

Folks start out here using the term "they" without ascertaining WHO is ultimately responsible. If a home is in foreclosure than it is in limbo. There are some responsible people who are buying homes that are foreclosed in the old section and spiffing them up and reselling them, but "they" do it one at a time.

Who owns these buildings? What can THEY do? In our last neighborhood in Cincinnati a couple of homes were foreclosed on due to the terrible downturn in the economy and probably due to loans being extended to people unable to handle them, and they too sat weedy and derelict.

Who is to be blamed here?

[gocubsgo]

Just to clarify..are you sure you are using the term "reverse mortgage" correctly? Or do you mean foreclosure? Or just abandoned? I'm not doubting that there are properties in disrepair, and that is a huge issue.

We called the bank and gave them addresses on the worst ones and they are in reverse mortgage. There are a couple that are abandoned but not many. I just don't understand why they are allowed to stand is disrepair like this! There is one on a corner lot that is SO bad, it had a tree growing through the floor in the 2nd bedroom and out the hole in the roof.

Reverse mortgage or abandoned, TV should not allow this.

[another Linda]

For homes that have a reverse mortgage, when the owner dies the property reverts to the bank that extended the reverse mortgage. If that is really the case, I wonder if the banks don't have more than they can handle. Whomever is responsible, it is bad advertising for TV to have this situation. Makes you wonder what areas are next.

[janieb]

The bank does own the property if it is a reverse mortgage or a foreclosure. It is too bad that they are not held responsible for making sure these properties do not become rundown, in fact it would be in their best interest to get these properties sold again. I purchased a foreclosure in one of the Detroit suburbs and while the house was empty, the city took care of mowing the yard and the bank had to pay for the services when we closed on the property, it was about $850. I also had a friend in MN whose husband took out a reverse mortgage on their place, he was over 65 and she wasn't. When he died, she had to move because the bank became the owners of the property

[KayakerNC]

That can't be good for resale values of any houses in the neighborhood. Where are the "Flippers" when you need them?

[gomoho]

Where is compliance when you need them???

[graciegirl]

What is compliance Gomoho? I don't know much about real estate law. Who is responsible? Is it The Villages? Hasn't that sections' governance been now turned over to the homeowners?

I know what compliance means as a general word but I don't know what it means in this issue, and Gomoho, I am not challenging you, I am just asking and know I will get the usual helpful explanation. You always have so much to add to this forum.

[asianthree]

i wonder why they are not just demo and sell the property

[gomoho]

Gracie - I was working with the understanding the historic section is still governed by someone associated with The Villages and those are the powers that be I am referring to. If it has in fact been turned over to the homeowners for self-governing then they have only themselves to blame. Can anyone shed some light on this issue? Who is responsible to assure covenants and restrictions are being upheld in the historic section?

[njbchbum]

The bank does own the property if it is a reverse mortgage or a foreclosure. snipped

i'd love to know what bank owns these properties? could it be citizen's first?

[graciegirl]

i'd love to know what bank owns these properties? could it be citizen's first?


I don't know how to find out, do you, Maria? I wonder if BK knows how.

In Cincinnati, we could do absolutely nothing to get these foreclosed homes maintained in our neighborhood, not the HOA, not anything, and every once in awhile some one would mow a yard. So I went over and mowed the lawn and trimmed the bushes on the one closest to us. It is the Martha Stewart gene and I am frankly kind of ashamed of it. It goes with my German heritage I think...

Wait. Is Martha Stewart German?

The foreclosure thing happens in all neighborhoods in all areas of this country and it is sad indeed.

[manaboutown]

I don't know how to find out, do you, Maria? I wonder if BK knows how.

In Cincinnati, we could do absolutely nothing to get these foreclosed homes maintained in our neighborhood, not the HOA, not anything, and every once in awhile some one would mow a yard. So I went over and mowed the lawn and trimmed the bushes on the one closest to us. It is the Martha Stewart gene and I am frankly kind of ashamed of it. It goes with my German heritage I think...

Wait. Is Martha Stewart German?

The foreclosure thing happens in all neighborhoods in all areas of this country and it is sad indeed.

Good for you Gracie!

Martha Stewart was born Martha Helen Kostyra which I believe is a Polish name.

[KayakerNC]

HOA's would have to increase their fees by a HUGE amount in order to pay all the legal fees involved in finding and suing the banks and/or shell corporations holding the mortgages. Be careful what you wish for.

[Bill-n-Brillo]

Don't feel as though repos/foreclosures are exclusive to particular areas of TV. There was a house across the street from ours in Duval that went into foreclosure and became a bank owned property. The entire process seems to take quite a while for it to conclude and for a bank to put the house on the market. This particular property sat unattended for several years......and all of the utilities were turned off during that time! Electric, water (potable and irrigation), gas, etc. Some of the neighbors pitched in to help keep what was left of the grass mowed in an effort to help keep the place fairly presentable from the outside. But one neighbor told me he'd seen inside the place and it was going to need some work, particularly to address mold issues.

Long story short, a couple bought the home for a very good price then put a BUNCH of money into it to make it right - cut the drywall up about 3', brought in the mold mitigation team, sprayed what was needed, replaced the drywall, all new flooring, mostly new landscaping, and got back on making the lawn look nice. And as a result they have a very nice house and are great neighbors!

Bill :)

[njbchbum]

Good for you Gracie!

Martha Stewart was born Martha Helen Kostyra which I believe is a Polish name.

and she grew up in nutley, nj!

[justjim]

I admit that I know nothing about the Historical side of TV. I would bet someone on TOTV does. If I lived there, I would start by researching everything I could find on my Convenants, deed restrictions and whatever CDD I was in. The POA or VHA could be of help. I would enlist my neighbors who should be interested in their home values. I see a lot of nice property in the Historical District when I've been there to play golf and I would think there would be a lot of interest in the issue you have presented OP.

[CaptJohn]

Long story short, a couple bought the home for a very good price then put a BUNCH of money into it to make it right - cut the drywall up about 3', brought in the mold mitigation team, sprayed what was needed, replaced the drywall, all new flooring, mostly new landscaping, and got back on making the lawn look nice. And as a result they have a very nice house and are great neighbors!

Bill :)

That's the kind of home I'll be looking for......a fixer upper and something I can live in at a good price. I've done a lot of renovations and enjoy that kind of work as I can put my personal touches on them to have them customized. Send me the addresses of those run down/foreclosed/reversed properties and I'll look into that. I didn't realize there were any in TV. I thought everything was perfect there! I promise that I'll be a better neighbor than those empty, run down properties! :laugh:

[CaptJohn]

I don't know how to find out, do you, Maria? I wonder if BK knows how.



They should be found in the deed records in probate court for the particular county. Most are online these days.

[justjim]

That's the kind of home I'll be looking for......a fixer upper and something I can live in at a good price. I've done a lot of renovations and enjoy that kind of work as I can put my personal touches on them to have them customized. Send me the addresses of those run down/foreclosed/reversed properties and I'll look into that. I didn't realize there were any in TV. I thought everything was perfect there! I promise that I'll be a better neighbor than those empty, run down properties! :laugh:

There are several people in TV who renovation is their thing and some of the manufacture homes I am sure can be renovated. From what OP said about others, it sounds like all you got is an empty lot after the "mess" is hauled away. Of course, you could get another manufacture home for the lot or build a frame or block home from scratch. If I was 20 years younger, I would jump at these opportunities! Been there---done that!

[rayschic]

gomoho...Property ownership is public info. What are the addresses you are referring to ?
Here's a link to the Lake County Property Appraiser. Just type in the address and you can see who owns it. Please let us know what you find out.

Records Search Terms of Use : Lake County Property Appraiser (http://www.lakecopropappr.com/property-search.aspx?)

[gomoho]

gomoho...Property ownership is public info. What are the addresses you are referring to ?
Here's a link to the Lake County Property Appraiser. Just type in the address and you can see who owns it. Please let us know what you find out.

Records Search Terms of Use : Lake County Property Appraiser (http://www.lakecopropappr.com/property-search.aspx?)

Thank you, but I wasn't the one questioning the property ownership. My question is who is responsible to enforce covenants and restrictions in the historic section - still TV or has it been transferred to home owners.

[gomoho]

A home obtained by a company through the reverse mortgage process is entirely different than a foreclosed property. I believe the OP specifically said these are reverse mortgage properties not foreclosures.

[queasy27]

The VCDD for the historic section is the Village Center.

Village Community Development Districts (http://www.districtgov.org/yourdistrict/front.aspx?district=lc)

[gocubsgo]

I called Citizen's and they said most of these properties are sitting because the bank can't keep up with the number they have or the owner passes away,left nothing in the will as to what he wants done with the house, the kids don't want it so they let it sit. I would rather see it sold to someone who will care instead of it sitting with trees growing out the roof!

There is one down the street that is reverse mortgage. I was told it can be purchased rather cheap, however the back taxes have accumulated to the tune of $9700. So, add that to the price of the house plus all the renovations because it has fallen into such shambles and now your talking a run down house for over $100,000!

[Parker]

We have an empty foreclosure next door that has been in that process for a least two years now. It was overgrown, mildewed, unkempt, shabby. Everytime someone showed up to appraise it, or to mow the lawn, or whatever, neighbors would rush over to complain of the condition and lack of maintenance. The response was always "We don't know anything and we aren't responsible". I personally went to Community Compliance three times and called them weekly, politely, with their only response being they'd check it out. Nothing at all ever done.

Finally a lawnmower showed up and said that if neighbors called Wells Fargo Bank and complained to them personally, it would get done. Voila! It worked. We called and they sent over a guy who trimmed trees and bushes way back, just sorta spiffed it up. They didn't clean up the mildewed fence and house, but it was a big improvement. So Wells Fargo responded in a very timely manner, which is apparently more than some banks do according to what I see posted here.

[Lynn222]

We called the bank and gave them addresses on the worst ones and they are in reverse mortgage. There are a couple that are abandoned but not many. I just don't understand why they are allowed to stand is disrepair like this! There is one on a corner lot that is SO bad, it had a tree growing through the floor in the 2nd bedroom and out the hole in the roof.

Reverse mortgage or abandoned, TV should not allow this.

What does The Villages say?

[gocubsgo]

What does The Villages say?

The usual.."We are aware of the situation and we are looking into it" That was 3 years ago on some of these!

[l2ridehd]

I have tried to buy a couple of these properties. And for some unknown reason it is almost impossible to work with the bank that owns them. I do want to restore and sell them, so they would be done up right. But either the price is so high or the red tape so onerous that it seems they will just sit there and go downhill. Makes no business sense what so ever. Bank stock holders beware.

So if you see one of these that you know can be bought (all issues with ownership resolved), please let me know. I will help your neighborhood improve.

[OhSuzannah]

Hi everyone - I used to be a land title abstractor in Gainesville. Now, I live in NC and am thinking about moving to TV. From what I've read a home with a reverse mortgage is owned by the deceased persons estate. It should be sold by them - the family member(s) who inherited the home. It is typically sold to satisfy the reverse mortgage obligation. Then the family (estate) gets the remainder. And if the banks don't get their money within a year they get it from the agency that insured the reverse mortgage in the first place. The problem may be that no one knows who now owns the property. And who wants to spend their money to satisfy the legal issues ? The best thing would be to either find the owners (likely out of state) and work with them, or
buy the property at tax sales if no one is paying the property taxes. I, for one, would like to have a lot for cheap to put a new mobile home on.

[janmcn]

The usual.."We are aware of the situation and we are looking into it" That was 3 years ago on some of these!



There are a million of these stories all over the great state of Florida, just pick up any local newspaper from any corner of the state. The cities and towns say it's not their job to clean up these properties or they don't have the money in their budgets. The banks can't keep up with all the properties, and they just sit there rotting away.

[gomoho]

So my husband and I took a ride this afternoon to see for ourselves just what is going on in Silver Lake. I am pleased to report the historic section is alive and well and Harold Schwartz would be proud EXCEPT for a few bad eggs like any other neighborhood.

In the OP's defense if these homes "with the white signs in the window" were in my neighborhood I would be beside myself as well. I was absolutely shocked that this has been allowed to go on in The Villages.

I have a feeling they are foreclosures though and not reverse mortgage situations because I believe when you contract a reverse mortgage you actually sell the property to the company providing such so there would be no question of ownership or how it can be disposed of. They in turn would want to sell asap to limit their exposure on the property and the carrying costs involved.

[Mack184]

If you use the real estate website Trulia and go home hunting in TV (32162)without turning on the "foreclosure" filter it is amazing just how many homes in TV are either in short-sale, full or pre-foreclosure status. It's rather eye opening.

As far as compliance goes, the community standards board, lawn gestapo or whatever else you want to call them can levy fines, but there's not much that they can really do, and in almost every case, those homes that are in violation are owned by people in some stage of bankruptcy which means that most of those fines cannot legally be collected. The fines only work if the homeowner is solvent, and if the bank has taken possession of the home, it's pretty hard to make them pay up. The best you can hope for is that a new buyer comes along and fixes things up.

[gocubsgo]

So my husband and I took a ride this afternoon to see for ourselves just what is going on in Silver Lake. I am pleased to report the historic section is alive and well and Harold Schwartz would be proud EXCEPT for a few bad eggs like any other neighborhood.

In the OP's defense if these homes "with the white signs in the window" were in my neighborhood I would be beside myself as well. I was absolutely shocked that this has been allowed to go on in The Villages.

I have a feeling they are foreclosures though and not reverse mortgage situations because I believe when you contract a reverse mortgage you actually sell the property to the company providing such so there would be no question of ownership or how it can be disposed of. They in turn would want to sell asap to limit their exposure on the property and the carrying costs involved.

You guys needed to drive down Schwartz Blvd and see how many are down there as well. Also, drive up around Orange Blossom in Silver Lake. It's a mess. There is actually a house on my street that hasn't been lived in for 3 years. The inside is so full of mold and old dog urine, in order to enter, you have to wear a mask. The odor is noticeable from the front of the house. Health Dept has been called, Deed Compliance and even the Lady lake Police. Nothing has been done...and probably won't be. In the meantime, how easy will it be to sell my well maintained house when 8 doors down is this house?
( Were you guys in a yellow convertible? If you were, I saw you!:wave:)

[JB in TV]

...


I have a feeling they are foreclosures though and not reverse mortgage situations because I believe when you contract a reverse mortgage you actually sell the property to the company providing such so there would be no question of ownership or how it can be disposed of. They in turn would want to sell asap to limit their exposure on the property and the carrying costs involved.

Which is why I questioned the OP early in the thread regarding the difference between reverse mortgage and foreclosures. I suspect many don't know the difference.

[Mack184]

Which is why I questioned the OP early in the thread regarding the difference between reverse mortgage and foreclosures. I suspect many don't know the difference.
In a reverse mortgage the bank fully requires you to keep up the condition of the property and abide with all of the various deed restrictions or you can actually lose that mortgage.

In a standard mortgage situation the last thing that the bank wants is to wind up owning the house. With a reverse mortgage it's just the opposite. That's their payback asset. When they finally take title to the home, you can bet that they will have it in tip-top shape and expect to sell it for a profit ASAP. So I doubt the "broken window" houses are from reverse mortgage contracts.

[SusanOfWoodbury]

If the bank owns them, why do they not take these homes out of the park.. Contract a real estate company, put in a new home and sell it? I noticed over in Orange Blossom they have taken out a lot of older homes and new homes are going in.....

[Dr Winston O Boogie jr]

For homes that have a reverse mortgage, when the owner dies the property reverts to the bank that extended the reverse mortgage. If that is really the case, I wonder if the banks don't have more than they can handle. Whomever is responsible, it is bad advertising for TV to have this situation. Makes you wonder what areas are next.

I think that since these are manufactured homes, many have no value other then the land. The bank probably has no interest in maintaining them as all they will be selling is the land. I don't know that much about reverse mortgages, but I would guess that the bank doesn't give full value of the home when these deals are made. Most of these lots are worth about $40,000. If the bank gave $35K-$40k in a reverse mortgage they are not interested in putting a lot of money into a house which they feel will probably be torn down and replaced.

[JP]

I lived in a neighborhood where everything was great until the developer pulled out. After he left, there wasn't any money/legal power left to fight people on rules or compliance issues and the neighborhood gradually slipped into disrepair with neglected houses and lawns. As time went on, lesser quality houses were built on lots the developer sold at rock bottom prices that brought down the whole value of the neighborhood. It was all a downward spiral and is even worse today. With no money or political/legal power, I feel these neighbors and neighborhoods have no recourse. It is going to get a lot worse and will probably spread to other neighborhoods as time progresses.

[Dr Winston O Boogie jr]

So my husband and I took a ride this afternoon to see for ourselves just what is going on in Silver Lake. I am pleased to report the historic section is alive and well and Harold Schwartz would be proud EXCEPT for a few bad eggs like any other neighborhood.

In the OP's defense if these homes "with the white signs in the window" were in my neighborhood I would be beside myself as well. I was absolutely shocked that this has been allowed to go on in The Villages.

I have a feeling they are foreclosures though and not reverse mortgage situations because I believe when you contract a reverse mortgage you actually sell the property to the company providing such so there would be no question of ownership or how it can be disposed of. They in turn would want to sell asap to limit their exposure on the property and the carrying costs involved.

I agree. I live in Silver Lake and I don't see this horrible widespread blight that the OP is talking about. Yes, there are a few houses here and there that have been foreclosed on, but I've never seen trees growing through roofs.

[KeepingItReal]

[QUOTE=gocubsgo;688226]We live in Silver Lake, which I consider to be the Reverse Mortgage/Abandonment Capital of TV. On our street alone, there are 3 house that have gone in reverse mortgage/abandonment after the owner's have died and there are at least 2 more that will be in reverse mortgage soon. These houses are SO run down and neglected, there are actual trees growing out of the gutters. They are covered in mold and have weeds taller than the front doors! (one of them doesn't even have a front door...it's leaning up against the house under the carport!). Old, moldy filthy furniture piled under carports and Hearing Notices or Abandoned Property notices on the windows. Calls to the banks and Deed Compliance are a waste of time. No one cares. In fact, Silver Lake has gotten so bad, we have decided to move and get out of here. It's embarrassing to invite people over and have them drive past these houses.

If these properties are located within the Lady Lake boundaries the code enforcement department might be able to help.

Contact Lady Lake Code Enforcement
409 Fennell Blvd.
Lady Lake, FL. 32159
352-751-1562

[Uptown Girl]

You guys needed to drive down Schwartz Blvd and see how many are down there as well. Also, drive up around Orange Blossom in Silver Lake. It's a mess. There is actually a house on my street that hasn't been lived in for 3 years. The inside is so full of mold and old dog urine, in order to enter, you have to wear a mask. The odor is noticeable from the front of the house. Health Dept has been called, Deed Compliance and even the Lady lake Police. Nothing has been done...and probably won't be. In the meantime, how easy will it be to sell my well maintained house when 8 doors down is this house?


Do you know if any of these departments offered feedback after being contacted? I wonder what procedure/criteria must be met before a property can be considered a health or fire hazard.... and if it is, what happens next. Does anyone know?
I would be disheartened as well, to see this on my block. It saddens me to see it anywhere.
If I may be so bold as to ask, if you do place your home for sale gocubsgo, do you think you'll remain in The Villages?

[ilovetv]

This article below sheds light on what could be a large part of the problem.

As a side note, a few months ago, I looked with a friend at several manufactured homes in the original section of TV. They were decent, but all needed facelifting. I couldn't understand why a person would pay $115,000 for a manufactured home in need of $10,000+ in maintenance/facelifting, when one can buy a more solidly built patio villa with tried-and-true floor plan in a newer, northern section for $135,000.

Anyway, there are concepts to know in this article:

NAPLES — Dennis England’s mobile home in East Naples looks the same as it did a year ago.

There’s nothing different about it — inside or out.

But when he got his renewal policy from Citizens Property Insurance Corp., the state-run insurer, he felt like part of his home — and nest egg — had blown away.

Since England and his wife, Ruth, in their 70s, first signed up with Citizens years ago, they’ve had $64,000 of coverage on their mobile home, not including personal property or other structures. Their renewal policy — effective in May — cuts that same coverage more than 70 percent, dropping it to $18,000, nowhere near the home’s market value or what it would cost to replace it.

Citizens, created as the insurer of last resort, has been looking for ways to reduce its risks. One way has been to depreciate older manufactured and mobile homes.

In January 2006, Citizens began requiring that all policies like the Englands be written for actual cash value, not replacement cost. The law kicked in for renewals beginning in 2010, but the change happened slowly, reaching some in Southwest Florida for the first time this year....

........“Someone was telling me that roughly 40 percent of mobile homeowners in the state of Florida have elected not to have insurance because of either the cost or the inability to purchase enough insurance. To me that is an alarming number,” said Jim Ayotte, executive director of the Florida Manufactured Housing Association......

East Naples mobile home park owners, like many, feel pinch from Citizens insurance � Naples Daily News (http://www.naplesnews.com/news/2013/apr/26/east-mobile-home-park-citizens-insurance/)

[gocubsgo]

I agree. I live in Silver Lake and I don't see this horrible widespread blight that the OP is talking about. Yes, there are a few houses here and there that have been foreclosed on, but I've never seen trees growing through roofs.

You are missing my point..when you said there are a few houses here and there, why? Why does TV allow a few here and there in Silver Lake? You would never see these run down abandoned houses in say Tall trees, Glenbrook or Mira Mesa. They would never be allowed to turn into broken window houses like they are here. We pay our taxes and amenities fees here in SL just like everyone else..why do we have to live next to these houses for years on end?

The house with the tree coming out the roof was actually purchased a few months ago. The inside was covered in mold as well and these people paid $100.000 for this house! Wow! Probably the worst example of one of these houses where trees are growing in the gutters is on Jeffery, right after you come through the gate on the right side. There are only 3 or 4 houses on that street so it's easy to spot...look for the pile of moldy furniture thrown under the carport! This is the one where the front door was off and the neighbors think squatters were living in it for awhile. Now, again..why do we have to live with this sight?

[gomoho]

You shouldn't have to live with those issue and once again I say "shame on The Villages for allowing it". Can't believe with their clout they couldn't make something happen if they chose to.

[gustavo]

You shouldn't have to live with those issue and once again I say "shame on The Villages for allowing it". Can't believe with their clout they couldn't make something happen if they chose to.

Maybe they want everyone to flee and they will rebuild that area as a premier section:confused:

[zcaveman]

gomoho...Property ownership is public info. What are the addresses you are referring to ?
Here's a link to the Lake County Property Appraiser. Just type in the address and you can see who owns it. Please let us know what you find out.

Records Search Terms of Use : Lake County Property Appraiser (http://www.lakecopropappr.com/property-search.aspx?)

You make it all sound so simple. Have you tried to find out who owns a foreclosure or a reverse mortgage home after the owner passed away?

In my case, I know the owner had a reverse mortgage and she passed away. Property records still show her as the owner.

The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.

It makes it very hard to figure out who to call.

Z

[zcaveman]

In a reverse mortgage the bank fully requires you to keep up the condition of the property and abide with all of the various deed restrictions or you can actually lose that mortgage.

In a standard mortgage situation the last thing that the bank wants is to wind up owning the house. With a reverse mortgage it's just the opposite. That's their payback asset. When they finally take title to the home, you can bet that they will have it in tip-top shape and expect to sell it for a profit ASAP. So I doubt the "broken window" houses are from reverse mortgage contracts.

Is the reverse mortgage note a personal opinion or an educated one based on fact?

I know a house where the owner passed away. She had a reverse mortgage. The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.

Please explain.

Z

[Dr Winston O Boogie jr]

You guys needed to drive down Schwartz Blvd and see how many are down there as well. Also, drive up around Orange Blossom in Silver Lake. It's a mess. There is actually a house on my street that hasn't been lived in for 3 years. The inside is so full of mold and old dog urine, in order to enter, you have to wear a mask. The odor is noticeable from the front of the house. Health Dept has been called, Deed Compliance and even the Lady lake Police. Nothing has been done...and probably won't be. In the meantime, how easy will it be to sell my well maintained house when 8 doors down is this house?
( Were you guys in a yellow convertible? If you were, I saw you!:wave:)

I just rode my bicycle from one end of Schwartz to the other and I saw two houses with foreclosure signs on them. Most of East Schwartz and West Schwartz look like Pleasantville. Well maintained house after well maintained house. Where exactly are all of these run down homes?

and what do you mean by Orange Blossom in Silver Lake? Orange Blossom and Silver Lake are two different villages. Are you sure that you live in Silver Lake?

[graciegirl]

I just rode my bicycle from one end of Schwartz to the other and I saw two houses with foreclosure signs on them. Most of East Schwartz and West Schwartz look like paradise. Well maintained house after well maintained house. Where exactly are all of these run down homes?

Jim. Did you find the one that one of the posters said had a tree growing out of it and smelled like urine from the outside?????

[Mack184]

Is the reverse mortgage note a personal opinion or an educated one based on fact?

I know a house where the owner passed away. She had a reverse mortgage. The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.

Please explain.

Z
When you take out a reverse mortgage the lender gives you somewhere between 45-65% of the value of the equity in your home. The amount varies state to state. You make NO payments of any kind while you live in the home and use the money that you have been advanced.

After you pass and your estate is in probate the lender has a secured claim on the property. The amount due is the amount advanced plus interest for the amount of time you had the money. One of the reasons they will only give you 45-65% of the equity is that they are hedging their bets that the property will not decrease in value because they only get one bite at the apple following your death.

So for the lender to be made whole following your death, that home has to be in good shape because selling that home is how they get back the money advanced to you and the interest owed.

[queasy27]

The house with the tree coming out the roof was actually purchased a few months ago. The inside was covered in mold as well and these people paid $100.000 for this house!

Do you know the address of that property? That price is hard to believe, honestly. I sold my home in the village of Country Club Hills in January for $82K, and it was completely remodeled throughout and in perfect shape -- a broken laundry room window crank was the only item noted on the inspection report that needed repair.

[justjim]

After reading all the posts in this Thread, including mine, it appears that the main "culprits" are the BANKS and/or the Mortgage companies who after foreclosure or repossession of a reverse mortgage let the properties deteriorate to the point of affecting property in the neighborhood. That being said, this seems to be a issue and problem across the country. However, when it happens in your neighborhood (your backyard) it becomes a problem for residents of TV like the OP. Gocubsgo, I wish that I had a solution but when our institutions fail to be good neighbors we have the results of which you have eloquently spoke. Before we go off "half cocked" at our local banks, it is well known that many of these mortgages are with institutions in far off places who have no interest in Silver Lake or TV. If you know the foreclosure or reverse mortgage is with a local community Bank, you might be able to leverage some "good will" and get some results. Again, I would not try to solve this alone, I would enlist some help from my neighbors, VHA, POA and the CDD District. As a past HOA President (years ago) numbers do count! Good luck.

[ilovetv]

You make it all sound so simple. Have you tried to find out who owns a foreclosure or a reverse mortgage home after the owner passed away?

In my case, I know the owner had a reverse mortgage and she passed away. Property records still show her as the owner.

The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.

It makes it very hard to figure out who to call.

Z

Perhaps you could look up the owner in the county Probate Court records online at the link below, to find out more. Choose "Online Court Records" under Probate Resources on the right side....then agree to the public access requirements, and then search the owner's name. There is a "Case Type" box to choose Probate in.....

Probate - Lake County Clerk of Circuit & County Courts (http://www.lakecountyclerk.org/courts/probate.aspx)

[gocubsgo]

I just rode my bicycle from one end of Schwartz to the other and I saw two houses with foreclosure signs on them. Most of East Schwartz and West Schwartz look like Pleasantville. Well maintained house after well maintained house. Where exactly are all of these run down homes?

and what do you mean by Orange Blossom in Silver Lake? Orange Blossom and Silver Lake are two different villages. Are you sure that you live in Silver Lake?

It appears to me that you are very biased when it comes to this area and you have no plans to sell your house. We do and we have been told that the condition of these houses in our neighborhood (Yes, SILVER LAKE) will bring our asking price way down. I have told in numerous posts where these houses are and even given directions.

[zcaveman]

When you take out a reverse mortgage the lender gives you somewhere between 45-65% of the value of the equity in your home. The amount varies state to state. You make NO payments of any kind while you live in the home and use the money that you have been advanced.

After you pass and your estate is in probate the lender has a secured claim on the property. The amount due is the amount advanced plus interest for the amount of time you had the money. One of the reasons they will only give you 45-65% of the equity is that they are hedging their bets that the property will not decrease in value because they only get one bite at the apple following your death.

So for the lender to be made whole following your death, that home has to be in good shape because selling that home is how they get back the money advanced to you and the interest owed.

I understand what a reverse mortgage is but I have no idea what you are talking about. The house was in great shape. She died. What does she care? The reverse mortgage was taken out by her husband to take care of him and her. He chose monthly payments. He passed before her. The kids took what they wanted and left. Now there is no one to care about the house. The bank now essentially owns it.

Why doesn't the bank keep it up and try to sell it? There is no For Sale sign in the yard. If I was the bank I would try to sell the house as fast as I could. I would keep the electricity on and keep the house at temperature. What the bank is doing makes no sense.

Z

[rayschic]

You make it all sound so simple. Have you tried to find out who owns a foreclosure or a reverse mortgage home after the owner passed away?

In my case, I know the owner had a reverse mortgage and she passed away. Property records still show her as the owner.

The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.

It makes it very hard to figure out who to call.

Z

Z,
I'm not saying that it's simple, just that people are blaming the bank, The Villages or whoever without all the facts. Each property is different and I'm just saying, tell the address and we can try to find out if a bank, an individual, an investor, etc owns it. There were three properties in Silver Lake that were due to go up for sale on June 4 for unpaid taxes. The owners for all three properties, are a couple that live in Leesburg. On May 31st , they paid all the back taxes on all three properties. I don't know if these are among the distressed properties because no addresses are being given. If they had gone up for sale, as scheduled, they would probably be bought up by someone that flips houses and would be turned around.
As far as reverse mortgages go, the owner of the property still retains title and is responsible for maintaining it, paying taxes , etc. If the person dies, the heirs are usually given a year to decide what to do with the property. The original owner would still be listed as the owner on all records.


Copied from Wikipedia:
The loan comes due when the borrower dies, sells the house, fails to keep the taxes or insurance current, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due, the borrower or heirs of the estate have an option to refinance the home and keep it, sell the home and cash out any remaining equity, or turn the home over to the lender. Once a reverse mortgage is called due and payable, the borrower (or their heirs) can possibly be granted time extensions by the lender to give them up to one year to make this decision.
If the property is turned over to the lender, the borrower or the heirs have no more claim to the property or equity in the property.
The lender has recourse against the property, but not against the borrower personally and not against the borrower's heirs. Thus the mortgage is within the category known as "non-recourse limit".

[Mack184]

Before we go off "half cocked" at our local banks, it is well known that many of these mortgages are with institutions in far off places who have no interest in Silver Lake or TV. If you know the foreclosure or reverse mortgage is with a local community Bank, you might be able to leverage some "good will" and get some results.
While I doubt that this is the case with Citizen's (although it might be) most of the other area banks such as BB&T, Wells, Chase, B of A and so on almost always sell their mortgages to some other "service company" so even if you have obtained a mortgage from a bank with a local branch, it is quite likely that after the "sale" of the mortgage to you, it has been transferred out of their hands, even though you might still make your payment in the name of the bank where you signed your papers. So having a local "door" to go to may very well not get you the result that you seek.

[maureenod]

I think the Villages should buy the lots back and rebuild. That would be the right thing to do. Even the entrances to Orange Blossom and Silver Lake are not well kept. I think the Villages have droped the ball on maintainance there. JMO

[Dr Winston O Boogie jr]

Jim. Did you find the one that one of the posters said had a tree growing out of it and smelled like urine from the outside?????

I saw nothing like that except one of the foreclosures had a shrub of some sort up against it that needed to be trimmed and it was over hanging the roof. I didn't notice any smell. It was in the 1800 block of West Schwartz.

BTW, that are is not Silver Lake. It's either OBG or Country Club Hills.

I'd like to hear the addresses af all of these properties, or at least the street. Like i say I live over hear and I have an abandoned house on my street and there is a foreclosure one street over, but to say that this is a widespread problem is way over the top.

[batman911]

Maybe another good reason to buy new instead of a resale.

[Dr Winston O Boogie jr]

I think the Villages should buy the lots back and rebuild. That would be the right thing to do. Even the entrances to Orange Blossom and Silver Lake are not well kept. I think the Villages have droped the ball on maintainance there. JMO

I don't think those entrances are poorly maintained. They are older and are not going to look all shiny and new like the newer sections. They have just planted all new flowers at the Medical Gate, which is one of the two gates to Silver Lake. Maintenance crew are working there all the time.

They are also doing a lot of work at Paradise Park and there are plans to expand the Silver Lake Rec Center.

[Dr Winston O Boogie jr]

It appears to me that you are very biased when it comes to this area and you have no plans to sell your house. We do and we have been told that the condition of these houses in our neighborhood (Yes, SILVER LAKE) will bring our asking price way down. I have told in numerous posts where these houses are and even given directions.

I'm biased because I just rode the entire length of East and West Schwartz and could only see two properties in foreclosure?

You're correct, I have no immediate plans to sell, but that doesn't mean I want to see my property value go down? One never knows if they might sell down the road.

I think that the bias may be with the ones that are trying to sell their homes.

If you don't mind, would you post those addresses again? Especially the one that has a tree growing through the roof and has a odor of dog urine that can be smelled a hundred yards away.

[Dr Winston O Boogie jr]

Z,
I'm not saying that it's simple, just that people are blaming the bank, The Villages or whoever without all the facts. Each property is different and I'm just saying, tell the address and we can try to find out if a bank, an individual, an investor, etc owns it. There were three properties in Silver Lake that were due to go up for sale on June 4 for unpaid taxes. The owners for all three properties, are a couple that live in Leesburg. On May 31st , they paid all the back taxes on all three properties. I don't know if these are among the distressed properties because no addresses are being given. If they had gone up for sale, as scheduled, they would probably be bought up by someone that flips houses and would be turned around.
As far as reverse mortgages go, the owner of the property still retains title and is responsible for maintaining it, paying taxes , etc. If the person dies, the heirs are usually given a year to decide what to do with the property. The original owner would still be listed as the owner on all records.


Copied from Wikipedia:
The loan comes due when the borrower dies, sells the house, fails to keep the taxes or insurance current, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due, the borrower or heirs of the estate have an option to refinance the home and keep it, sell the home and cash out any remaining equity, or turn the home over to the lender. Once a reverse mortgage is called due and payable, the borrower (or their heirs) can possibly be granted time extensions by the lender to give them up to one year to make this decision.
If the property is turned over to the lender, the borrower or the heirs have no more claim to the property or equity in the property.
The lender has recourse against the property, but not against the borrower personally and not against the borrower's heirs. Thus the mortgage is within the category known as "non-recourse limit".

So these houses can sit vacant for up to a year and there is nothing that the bank can do about it. I would guess that like most things legal, after that year is up, the bank would have to go to the courts in order to secure ownership of the property. Who knows how long that would take?

As has been pointed out, in a reverse mortgage, the bank lends somewhere around 50% of the value of the home. Often times with manufactured homes, that is the value of the land so that bank may not care about the condition of the home itself. Once they take ownership, they can sell the lad and retrieve their money.

Additionally, if the borrower has taken the loan in the form of monthly payments. it is possible that the lender has only paid out a small percentage of the value of the home and is owed very little interest.

I'm sure that if it meant that the bank was going to lose money by not maintaing the property, they would be doing everything that they could to keep it up.

[rayschic]

You are missing my point..when you said there are a few houses here and there, why? Why does TV allow a few here and there in Silver Lake? You would never see these run down abandoned houses in say Tall trees, Glenbrook or Mira Mesa. They would never be allowed to turn into broken window houses like they are here. We pay our taxes and amenities fees here in SL just like everyone else..why do we have to live next to these houses for years on end?

The house with the tree coming out the roof was actually purchased a few months ago. The inside was covered in mold as well and these people paid $100.000 for this house! Wow! Probably the worst example of one of these houses where trees are growing in the gutters is on Jeffery, right after you come through the gate on the right side. There are only 3 or 4 houses on that street so it's easy to spot...look for the pile of moldy furniture thrown under the carport! This is the one where the front door was off and the neighbors think squatters were living in it for awhile. Now, again..why do we have to live with this sight?

Ok, so we know one of the houses is on Jeffrey and there are only 4 houses on that street. Two of those homes are lived in by the owners. The third was purchased in 2009 by a couple that live in Pennsyvania and the taxes are paid up to date. The fourth home was purchased in 1999. The couple used to live in the house but are now living in Illinois. They have 2 years of unpaid taxes (totalling just over $2,300). Here is the link to where this info can be located. Just click VIEW to see the info for each of the 4 homes.
Records Search Terms of Use : Lake County Property Appraiser (http://www.lakecopropappr.com/property-search.aspx)

When you get to the link, you have to type Jeffrey in the street and Lady Lake in the city

[Dr Winston O Boogie jr]

You are missing my point..when you said there are a few houses here and there, why? Why does TV allow a few here and there in Silver Lake? You would never see these run down abandoned houses in say Tall trees, Glenbrook or Mira Mesa. They would never be allowed to turn into broken window houses like they are here. We pay our taxes and amenities fees here in SL just like everyone else..why do we have to live next to these houses for years on end?

The house with the tree coming out the roof was actually purchased a few months ago. The inside was covered in mold as well and these people paid $100.000 for this house! Wow! Probably the worst example of one of these houses where trees are growing in the gutters is on Jeffery, right after you come through the gate on the right side. There are only 3 or 4 houses on that street so it's easy to spot...look for the pile of moldy furniture thrown under the carport! This is the one where the front door was off and the neighbors think squatters were living in it for awhile. Now, again..why do we have to live with this sight?

I agree that something should be done about these house, but I am not missing the point. I was responding to your post calling Silver Lake the Reverse Mortgage capital of the world and is a horrible rundown neighborhood that is so unlivable that you are forced to move out. From the sound of your post one gets the impression that every other house here is abandoned and in in horrible condition and that the neighborhood is unlivable. You also said to take a ride down Schwartz and see how many there are. You didn't say whether they are on East Schwartz or West Schwartz but only East Schwartz has sections in Lady Lake. As I said, I took a ride down Schwartz. I didn't do this specifically because of this post, I ride about seven miles through these neighborhoods about four or five days a week so I just tried to take more notice this time. As I said, I saw two, possibly three house that are in foreclosure. You were implying that there were many. If there are more, I'd like to know the addresses.

Secondly, you keep ranting about how "The Villages" should do something about this. I don't know that the Villages has any power to do anything. The VCDD might be able to do something, but I don't know about that either.

You also go on throwing out hypotheticals about if this was happening in other villages something would be done about it. Unless it has happened in other villages and The Villages treated those cases differently there is no way to prove that so it's not even worthy of discussion. And in fact I believe that some people have reported that it is going on in other villages. I lived in a very nice upper middle class neighborhood in Massachusetts. One of the $500,000 homes on my street went into foreclosure. It sat and deteriorated for several years. I talked to the bank and they said that their hands were tied. Until the courts ruled they were not allowed to set foot on the property. Many of the neighbors were upset and a few even went over and mowed the lawn so that it wouldn't look so bad. So this happens every where, not just in Silver Lake.

You say that I'm biased because I am not going to move. I am just not happy about someone starting false rumors about my neighborhood. This kind of talk will drive down prices faster than anything.

[schmitty]

Dr. Winston - I too live in Silver Lake and I'm getting really tired of all the bashing of the 'historic' side of the Villages. I'm currently in my second house in the Villages and both were on the 'historic' side. Actually, at this point I wouldn't even consider moving because all my neighbors and friends are wonderful. Yes, it's too bad that this situation is happening on some homes in our area, but that shouldn't influence people to not even consider buying here.

[Dr Winston O Boogie jr]

Dr. Winston - I too live in Silver Lake and I'm getting really tired of all the bashing of the 'historic' side of the Villages. I'm currently in my second house in the Villages and both were on the 'historic' side. Actually, at this point I wouldn't even consider moving because all my neighbors and friends are wonderful. Yes, it's too bad that this situation is happening on some homes in our area, but that shouldn't influence people to not even consider buying here.

How many foreclosed homes that have fallen into disrepair are on your street?

[ilovetv]

Dr. Winston - I too live in Silver Lake and I'm getting really tired of all the bashing of the 'historic' side of the Villages. I'm currently in my second house in the Villages and both were on the 'historic' side. Actually, at this point I wouldn't even consider moving because all my neighbors and friends are wonderful. Yes, it's too bad that this situation is happening on some homes in our area, but that shouldn't influence people to not even consider buying here.

Reality is that most buyers have to meet these key criteria:

- Will the mortgage lenders lend on this type of property?

- Can the buyer get the financing needed considering the appraised value?

- Can they get insurance that satisfies the mortgage lenders/underwriters' requirements for lending the needed amount?

See:
http://www.naplesnews.com/news/2013/apr/26/east-mobile-home-park-citizens-insurance/

[njbchbum]

Reality is that most buyers have to meet these key criteria:

- Will the mortgage lenders lend on this type of property?

- Can the buyer get the financing needed considering the appraised value?

- Can they get insurance that satisfies the mortgage lenders/underwriters' requirements for lending the needed amount?

See:
East Naples mobile home park owners, like many, feel pinch from Citizens insurance � Naples Daily News (http://www.naplesnews.com/news/2013/apr/26/east-mobile-home-park-citizens-insurance/)

that article is about mobile homes and citizens property insurance [a state insurer of last resort]. has citizens property insurance corp written policies on homes on the historic side where folks will have to worry? i don't understand what the article has to do with run down homes the vccdd will not deal with. you have cited this article numerous times implying that homes on the historic side are mobile homes and are too old to secure insurance. i have yet to read any response that residents there have had any problem with getting insurance on their homes - either mobile, manufactured or site-built.

[queasy27]

How many foreclosed homes that have fallen into disrepair are on your street?

I lived in Country Club Hills from June 2010 to January 2013 and there were no abandoned houses on my regular route in and out and about in that area, or any in disrepair.

There are mortgage lenders for manufactured homes; I used Citizens. There aren't a ton, but there several property insurance companies. (I generally do all my banking and mortages through USAA, and they would neither issue a loan nor take on the insurance for a manufactured home.)

Like others, I cannot understand why banks aren't able to move faster on foreclosed properties and short sales. This is nationwide, not just in TV. Why does it take them months and months to act? Aren't they losing money in the meantime? Don't they care about recouping any of their losses?

[getdul981]

Like others, I cannot understand why banks aren't able to move faster on foreclosed properties and short sales. This is nationwide, not just in TV. Why does it take them months and months to act? Aren't they losing money in the meantime? Don't they care about recouping any of their losses?

I imagine it's because of the sheer volume of foreclosures that they have. There's probably lots of legal stuff that has to be done on each and every foreclosure and that takes time and manpower.

[KayakerNC]

Like others, I cannot understand why banks aren't able to move faster on foreclosed properties and short sales. This is nationwide, not just in TV. Why does it take them months and months to act? Aren't they losing money in the meantime? Don't they care about recouping any of their losses?

Kind of like stocks, bonds, and mutual funds. The market may go down but you haven't really lost any money until you sell. So..until the bank actually sells the asset/property...it's not a loss. :$:

[rayschic]

I imagine it's because of the sheer volume of foreclosures that they have. There's probably lots of legal stuff that has to be done on each and every foreclosure and that takes time and manpower.

Agreed. It's usually held up in court proceedings. The bank does not get the title to the home right away so its hands are tied. The bank is owed money but can't do anything with the property because it doesn't own the property.This is a slow process. Once the home goes up for sale, the opening bid is usually the amount owed to the bank, so the bank will usually get its money back. This is very oversimplified but if you want to read more, here's a good explaination of the requirements of foreclosure and things that may hold it up.

Foreclosure - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Foreclosure)

[Dr Winston O Boogie jr]

Like others, I cannot understand why banks aren't able to move faster on foreclosed properties and short sales. This is nationwide, not just in TV. Why does it take them months and months to act? Aren't they losing money in the meantime? Don't they care about recouping any of their losses?

First of all, not all of these homes are owned by banks. Many times the owners will pass away and the heirs want nothing to do with the homes. In some cases there is no will and it has to go to probate and who knows how long that will take. Sometimes probate will determine that the heirs own the home and the heirs don't want it and go to court to be relieved of it. This process can take a very long time.

If it is a reverse mortgage situation, from what I've been able to gather, the heirs have one year to decide what they want to do with the home. I would think that at that point the banks would have to go to court and start proceedings.

We have a home on our street that was simply abandoned. Now, if the people had a mortgage on it, the bank can start foreclosure proceedings after they have not made their payments for so many months. If there is not mortgage then the house can just simply sit there until I don't know when.

If I'm not mistaken the houses that have the white paper in the windows have been put into foreclosure by the courts. The owners have not made payments for a long time so the bank applies to the court to take ownership. Banks look at this as a last step. Banks don't want to own houses. They would rather work with owners to allow them to keep their homes and make payments to the bank.

So the house has sat there for many months until the bank is allowed to foreclosed. Then they can apply to the courts for foreclosure proceedings. Then the courts have to look into the situation. They try to find the owners or the heirs and find out if something can be worked out. This takes months and possibly years.

Once the court is satisfied, the bank takes ownership of the property and usually hires a real estate agent to try to sell it. There is one for sale on Schwartz ( I forget if it's East or West) that has a "For Sale - Foreclosure" sign on it. I would think that the banks are in more of a hurry to get to this stage than anyone.

[janmcn]

When there is a problem with homes in other locations, such as the grass not being cut, The Villages will send the owner a registered letter telling them of the violation. As soon as that letter is received and signed for, The Villages will hire someone to correct the violation and bill the owner of record.

This happened to my next door neighbor who had hired someone to cut his grass, but pocketed the money and never returned.

Why isn't this same procedure being followed in the historic section and at least keep the outside looking proper?

[rayschic]

First of all, not all of these homes are owned by banks. Many times the owners will pass away and the heirs want nothing to do with the homes. In some cases there is no will and it has to go to probate and who knows how long that will take. Sometimes probate will determine that the heirs own the home and the heirs don't want it and go to court to be relieved of it. This process can take a very long time.

If it is a reverse mortgage situation, from what I've been able to gather, the heirs have one year to decide what they want to do with the home. I would think that at that point the banks would have to go to court and start proceedings.

We have a home on our street that was simply abandoned. Now, if the people had a mortgage on it, the bank can start foreclosure proceedings after they have not made their payments for so many months. If there is not mortgage then the house can just simply sit there until I don't know when.

If I'm not mistaken the houses that have the white paper in the windows have been put into foreclosure by the courts. The owners have not made payments for a long time so the bank applies to the court to take ownership. Banks look at this as a last step. Banks don't want to own houses. They would rather work with owners to allow them to keep their homes and make payments to the bank.

So the house has sat there for many months until the bank is allowed to foreclosed. Then they can apply to the courts for foreclosure proceedings. Then the courts have to look into the situation. They try to find the owners or the heirs and find out if something can be worked out. This takes months and possibly years.

Once the court is satisfied, the bank takes ownership of the property and usually hires a real estate agent to try to sell it. There is one for sale on Schwartz ( I forget if it's East or West) that has a "For Sale - Foreclosure" sign on it. I would think that the banks are in more of a hurry to get to this stage than anyone.

Excellent post. I totally agree.

[queasy27]

Thanks for the explanations, Boogie and rayschic. Makes sense I suppose, especially when the danged legal system is involved. But it's frustrating when people like l2ridehd want to buy these places and fix them but are stymied at every turn.

Anyway. :-)

[Dr Winston O Boogie jr]

When there is a problem with homes in other locations, such as the grass not being cut, The Villages will send the owner a registered letter telling them of the violation. As soon as that letter is received and signed for, The Villages will hire someone to correct the violation and bill the owner of record.

This happened to my next door neighbor who had hired someone to cut his grass, but pocketed the money and never returned.

Why isn't this same procedure being followed in the historic section and at least keep the outside looking proper?

My understanding is that the Villages only acts upon complaints in these cases. The Community Watch does not report any violations.

The other issue is that when these homes are abandoned or in limbo, who does the Villages bill for these services? The owners are dead. The bank cannot take ownership and the heirs are denying ownership.

[njbchbum]

When there is a problem with homes in other locations, such as the grass not being cut, The Villages will send the owner a registered letter telling them of the violation. As soon as that letter is received and signed for, The Villages will hire someone to correct the violation and bill the owner of record.

This happened to my next door neighbor who had hired someone to cut his grass, but pocketed the money and never returned.

Why isn't this same procedure being followed in the historic section and at least keep the outside looking proper?

the key word in each of these documents seems to be the work 'may'. nothing requires anyone to do anything! the other issue might be found in your identification of 'other locations'.

the Declaration of Restrictions for my area in the historic district [obg/unit 6 - same as op, i think] indicate:
"2.6 it shall be the responsibility of the owners to keep their lots neat and clean and the grass cut and edged at all times. if an owner does not adhere to this regulation, then the work may be performed on behalf of the owner by the developer and the cost shall be charged to the owner."
and
from the Lady Lake Deed Restriction Matrix and Fine Schedule:
"E) Compliance Mechanisms The Board hereby adopts by this Rule, which includes "Exhibit C", a;; Compliance Mechanisms contained in the Deed Restrictions that apply to the external appearances or uses of Homesites. Such Compliance Mechanisms include but are not limited to:
i) if the owner does not adhere to the Deed Restrictions regarding keeping the Homesite neat and clean and the grass cut and edged then the work may be performed on behalf of the Owner by the Districe, but the District shall not be obligated to perform such work, and the cost shall be charged to the Owner."

[SusanOfWoodbury]

Someone mentioned the owners had died, so these homes may be tied up in court, because of no will

[rayschic]

Someone mentioned the owners had died, so these homes may be tied up in court, because of no will

This thread is a general discussion of the homes that have fallen into disrepair in TV. Everyone is giving examples of what MAY be the case. Some have mentioned reverse mortgages, foreclosure, bankruptcy, death of owners, bank owned, etc. Several people have asked for the addresses of these homes. Directions have been given and people have drove around and could not find the homes in question. I have no doubt that the OP is very concerned about the situation and wants to get something done about it, but without addresses, it is hard for others to help.

[justjim]

While I doubt that this is the case with Citizen's (although it might be) most of the other area banks such as BB&T, Wells, Chase, B of A and so on almost always sell their mortgages to some other "service company" so even if you have obtained a mortgage from a bank with a local branch, it is quite likely that after the "sale" of the mortgage to you, it has been transferred out of their hands, even though you might still make your payment in the name of the bank where you signed your papers. So having a local "door" to go to may very well not get you the result that you seek.

Mack: You are correct many of these mortgages made by the branch banks you mentioned most likely were sold to other institutions. Some of this banks may not make loans for manufactured homes. I understand that Citizens does finance homes in the historical district and does hold the mortgage.

[gocubsgo]

Some of these do not have house numbers. I have given directions as best I can and given street names. I will do it again if necessary.

Jeffery Dr after you come through the gate. there are only 4 houses on that street so it's easy to spot. Right hand side, 2nd house. This one is the one the neighbor's thought squatters were living in for awhile. Next, as you turn right off of Ann on to Mark, the yellow house on the left right as you turn. has white notices in the windows. Kelsea Circle..turn right off of Kelsea Ct. Straight ahead to the blue house with all the old furniture piled under the carport...there are 3-4 notices in the window. 3 houses down from that is the abandoned yellow house where the strong odors are coming out the windows. The guy that cuts the grass uses an electric mower so he has a key to plug it in inside. He told me when he opens the door, he has to wear a mask because of the odor.

When I get time, I will TRY to get house numbers if they exist but I know that many of these do not have numbers anymore. These are just the houses that I pass on the way home everyday.

[njbchbum]

i believe that the house on ann ave [if it is #1024] was sold last fall. i know that i saw a golf cart and car there this past winter. and it seems that they did quite a bit of exterior property maintenance all thru the winter. the exterior of the house was washed at least once and a good deal of the mold was removed; and i believe shrubs were trimmed, too. that lawn is gonna be tough to bring back because of the lack of sunlight that gets thru the trees - that was one of the reasons for the mold on the mark dr side, too.

prop tax records show new owners as residents of mt. dora - and they got a he** of a deal! strange that the tax record shows it owned by fannie mae?

[JB in TV]

...
prop tax records show new owners as residents of mt. dora - and they got a he** of a deal! strange that the tax record shows it owned by fannie mae?

That PROBABLY means it has been thru foreclosuee, and the bank has called on fannie mae to pay them off...fannie mae insuers a lot of bank loans.

[Biancarose]

We have a home on our block that is being managed by a management company... whenever they feel like coming out. The water is off so there is no lawn, I've complained to everyone and nothing will be done, so much for deed compliance.

[TrudyM]

A house on the street my parents lived on in southern Fla went vacant the owner owned it outright had died and no one new who to notify. The county eventually took it for unpaid taxes but it sat empty for years. The homeowners assn. did the yard and painted the place and filed a lien against the property for the cost. It was the only thing the neighbors could figure to do while the thing sat empty. When it sold at auction the new owners had a surprise when they went to clear title as there was a sizable lean held by the HOA for the monthly maint bills that had gone unpaid.

[TrudyM]

We have a home on our block that is being managed by a management company... whenever they feel like coming out. The water is off so there is no lawn, I've complained to everyone and nothing will be done, so much for deed compliance.

Just a thought would this work? The address of the owners is on the county tax website. I just checked to make sure the person I was renting from owned the place and their billing address was clearly listed. I would send a letter threatening legal action signed by the neighbors to the owner. Maybe the owner doesn't know that the management company is doing a bad job.

[Dr Winston O Boogie jr]

I took a ride by Jeffrey, Ann and Mark today. The house on Jeffrey does look like it's abandoned. There is a branch sticking out of the gutter but it doesn't look that bad. 1024 Ann is occupied and it looks like a lot of work has been done there. The one on Mark has a non-compliance notice on the door from the City of Lady Lake. There is a date for a hearing so something is being done. None of these houses really are falling down or have trash piled up around them. The lawns don't look very good, but I see that in houses that are occupied. They look like they could use a coat of paint, but if I wasn't told that they were in foreclosure I wouldn't have noticed.
I'm sure that this is a bit of a problem here in Silver Lake just like it is all over the Villages and all over the country, but the description by the OP would lead someone to believe that this is a horrible, run down, unlivable neighborhood and that is simply not the case. Like I said, the are a few of these houses here and there. The vast majority of the houses in Silver Lake are well maintained and very attractive. I am proud of my beautiful neighborhood.

[justjim]

Is the CDD responsible to go after the amenities fees when the home finally gets out of "whatever" and there is a new owner? Just wonder how this form of government (CDD) is going to work. This Thread is serendipity and bringing up a lot of questions!! When you live in a city, you know who to approach to get something done. In a Legal HOA with legal powers you know how to deal with such issues too.......

[Mack184]

Just a thought would this work? The address of the owners is on the county tax website. I just checked to make sure the person I was renting from owned the place and their billing address was clearly listed. I would send a letter threatening legal action signed by the neighbors to the owner. Maybe the owner doesn't know that the management company is doing a bad job.
Sure...do that. And if those people have even the slightest means, their lawyer will turn around and come after Y-O-U the neighbors for harassment and anything else that they can think up. Are you collectively ready for that?? I hate to tell you but just like every other place in America there are empty houses that have been foreclosed on and unfortunately they are left rotting. Not a lot you can do about it. It even happens in the faux-nirvana of The Villages. Deal with it.

[janmcn]

Sure...do that. And if those people have even the slightest means, their lawyer will turn around and come after Y-O-U the neighbors for harassment and anything else that they can think up. Are you collectively ready for that?? I hate to tell you but just like every other place in America there are empty houses that have been foreclosed on and unfortunately they are left rotting. Not a lot you can do about it. It even happens in the faux-nirvana of The Villages. Deal with it.


Do you have this problem where you live in Stonecrest?

[TrudyM]

Sure...do that. And if those people have even the slightest means, their lawyer will turn around and come after Y-O-U the neighbors for harassment and anything else that they can think up. Are you collectively ready for that?? I hate to tell you but just like every other place in America there are empty houses that have been foreclosed on and unfortunately they are left rotting. Not a lot you can do about it. It even happens in the faux-nirvana of The Villages. Deal with it.

MY POINT WAS MAYBE THE OWNERS DON'T KNOW THE MANAGEMENT COMPANY ISN'T DOING THEIR JOB. Making a home owner aware of a problem is not harassment and neither is informing one that they are not in deed compliance. If they can't afford to have the water on they sure can't afford a lawyer. It was just a suggestion JEEEZ.

[Mack184]

Do you have this problem where you live in Stonecrest?
I have never seen an "abandoned" house in Stonecrest. I have seen some that have been empty and for sale for some time but I am not aware of a single "broken window" house.

[Mack184]

MY POINT WAS MAYBE THE OWNERS DON'T KNOW THE MANAGEMENT COMPANY ISN'T DOING THEIR JOB. Making a home owner aware of a problem is not harassment and neither is informing one that they are not in deed compliance. If they can't afford to have the water on they sure can't afford a lawyer. It was just a suggestion JEEEZ.
JEEEZ..Nothing! Your post said nothing of "informing" a home owner. You specifically talked about sending a group letter threatening legal action. That is NOT "informing". As they used to say in the old west.."Them's fightin' words". And that's the kind of answer you're going to get. "Informing" would be sending a friendly letter to a neighor saying "I'm not sure if you know this, but...". Anything that threatens legal action is going to get either no response of any kind or a nasty response.

When it comes down to foreclosed or abandoned homes the bottom line is that the people who had the house either bought more home than they could afford, or they have been wiped out by some financial or medical disaster. They KNOW what's happening. They're usually embarrassed, depressed and flat broke and they don't need somebody telling them something that they already know.

[gpirate]

Here is a website that explains reverse mtg. The bank only gives a written 60 day notice to the owners or estate to pay the balance in full or it becomes the banks property. From what is being said the bank would now own these homes but refuses to do anything because it has none or little value because of the condition. Most of these will be sold for property taxes eventually. Most banks will only give you 40% or less of appraised value on a reverse mtg. Unreal to me why people get involved with these type of transactions.
Reverse Mortgages Explained In Terms You Can Understand (http://www.reversemortgagescompared.com/articles/reverse-mortgages-explained/)

[Dr Winston O Boogie jr]

Is the CDD responsible to go after the amenities fees when the home finally gets out of "whatever" and there is a new owner? Just wonder how this form of government (CDD) is going to work. This Thread is serendipity and bringing up a lot of questions!! When you live in a city, you know who to approach to get something done. In a Legal HOA with legal powers you know how to deal with such issues too.......

I would think that those fees like any property taxes owed would have to come out of the sale price once it's sold. It would be up to the buyer and seller as to who actually pays them.

[Alaskarose]

We live in Silver Lake, which I consider to be the Reverse Mortgage/Abandonment Capital of TV. On our street alone, there are 3 house that have gone in reverse mortgage/abandonment after the owner's have died and there are at least 2 more that will be in reverse mortgage soon. These houses are SO run down and neglected, there are actual trees growing out of the gutters. They are covered in mold and have weeds taller than the front doors! (one of them doesn't even have a front door...it's leaning up against the house under the carport!). Old, moldy filthy furniture piled under carports and Hearing Notices or Abandoned Property notices on the windows. Calls to the banks and Deed Compliance are a waste of time. No one cares. In fact, Silver Lake has gotten so bad, we have decided to move and get out of here. It's embarrassing to invite people over and have them drive past these houses.

Why do the banks allow these houses to sit like this? One on my street has been like this for 4 years now.
I agree with all you wrote. Is it possible to form a group of disgruntled citizens and to make a big stir (make the Orlando newspapers and maybe TV) and make something happen to stop this abuse of us senior citizens. There must be a breech of contract somewhere. We home owners have to keep up curb appeal, according to my covonents. To leave a house unoccupied for years is grounds for a class action lawsuit against someone (you guessed it) for not enforcing the same rules on these entities who are the fall back new owners of these properties. I have one next door and I live in Rio Ponderosa. I see many other homes that appear to be reverse mortgage homes and the owner is no longer with us. I think the POA should get involved. Yeah! a good cause to pursue.