Lenders bribing troubled homeowners not to trash properties
(NEW YORK) – The Wall Street Journal reports an increasing number of lenders involved in foreclosed properties are resorting to bribing homeowners not to trash their properties before they are evicted. In a story from Las Vegas, the newspaper said homeowners are getting hundreds and even thousands of dollars from the banks as incentives not to strip out appliances or simply wreck the house before they leave. The Journal quoted a Campbell Communication’s survey of mortgage brokers around the country as saying almost half of homes foreclosed upon nationwide have “substantial damage” that must be repaired – at a cost of thousands of dollars to the lender – before they can be returned to the market.
Thanks to Realtor Association of Northwest Chicagoland.
Filed under: mortgage
