[gocubsgo]

Originally Posted by Dr Winston O Boogie jr

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]

Originally Posted by 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.

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

[zcaveman]

Originally Posted by 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

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]

Originally Posted by Mack184

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]

Originally Posted by gocubsgo

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!)

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]

Originally Posted by Dr Winston O Boogie jr

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]

Originally Posted by zcaveman

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]

Originally Posted by zcaveman

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

[gocubsgo]

Originally Posted by Dr Winston O Boogie jr

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]

Originally Posted by Mack184

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]

Originally Posted by zcaveman

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]

Originally Posted by justjim

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.