[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]

Originally Posted by graciegirl

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]

Originally Posted by 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

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]

Originally Posted by gocubsgo

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]

Originally Posted by rayschic

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]

Originally Posted by gocubsgo

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

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]

Originally Posted by gocubsgo

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]

Originally Posted by 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.

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

[ilovetv]

Originally Posted by 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.

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/...ens-insurance/

[njbchbum]

Originally Posted by ilovetv

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

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]

Originally Posted by queasy27

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]

Originally Posted by queasy27

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.