[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]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by janieb

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]

Originally Posted by njbchbum

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]

Originally Posted by graciegirl

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.