Should Florida Use Part of their $26 Billion Foreclosure Fraud Settlement to Demolish Blighted Properties?

March 6, 2012
By David Goldman on March 6, 2012 8:39 AM |

Jacksonville Foreclosure Defense TeamFlorida has more foreclosures that most other states combined. Ohio also has many foreclosure-blighted properties. There is a current estimated 100,000 vacant properties depressing Ohio's real estate market and posing safety threats to its communities. Ohio State Attorney General is looking to change this by dedicating $75 million of Ohio's $335 million foreclosure fraud settlement with the nation's largest servicers (a story we recently reported to demolish empty homes and blighted properties. Missouri and Wisconsin are also working on plans to use part of their settlement to demolish repairable homes as well.

Cleveland Chief of Regional development, Chris Warren, has expressed a different desire to spend the bank settlement money to help families and create more homes. Warren states that the bank settlement money is suppose to help homeowners directly, and not be used to knock down houses "we believe are owned by some very well-resourced banks." He would rather force the banks to maintain their own properties. Cleveland has definitely been one of the harder hit regions of Ohio with around 23,000 vacant properties with some even selling at as little as 8% of their appraised values. Ohio estimates they have a total of 700,000 properties considered "beyond repair" and have began conversations with the Federal Government for funding.

How do you fall on this issue? Should Florida also be allotting any recovery it receives from the Foreclosure Fraud Settlement to demolish blighted neighborhoods? On the one hand, it boosts property values and the intrinsic worth of the community. On the other, the significant amount of money it takes to demolish homes could also be used to get homeowners back on their feet.

Getting back on your feet is the ultimate goal when going through a financial crisis. One thing is certain and that is there are experienced Jacksonville Foreclosure Defense Attorney who may be able to help you do just that. Whether you are deep in foreclosure or are just recently unable to make your mortgage payments, there is never a bad time to get a lawyer involved in your case. Contact us to schedule a free consultation with a a Jacksonville Foreclosure Defense Attorney.