The City of Chicago is facing the possibility that it will be forced to spend millions of dollars to deal with the accumulation of abandoned homes within the city. According to reports, there are more than 18,000 properties on the city's vacant building rolls and of those 18,000 properties, 69%, or almost 13,000, properties can be associated with a foreclosure filing between the beginning of 2006 and July 2010. Of the number of homes linked to foreclosure filings, 10,778 have some sort of foreclosure outcome, which leaves 1.896 homes that do not have an outcome.
In instances like this, a lender has filed a foreclosure lawsuit, the homeowner abandoned the property and the lender decides that it is less expensive to not complete the foreclosure process and it will charge off the mortgage on the property. When this happens the lender is not responsible for the home, which means the cost of maintaining the home or demolishing the home falls to the city.
Cities across the U.S. now face similar problems due to the numbers of people who abandon their homes when they are facing foreclosure. Along with the costs of maintaining or demolishing homes, abandoned homes have long been associated with increases in crime and blight to their areas, which in turn further drives down area home values.
If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.
