Bank Owned Homes that Banks Do Not Want to Own

The irony of the situation is that Bank Owned Homes are piling up in the coffers of the banks but the banks do not want to own these. The banks are not landlords – they are money lenders. Today they have houses galore but very little cash to lend.

The various bank owned homes or residential units lying vacant are symptomatic of a foreclosure age of contradictions. Thousands and million have been rendered homeless since the last couple of years but the houses are lying vacant. It is these vacant houses together with homeless Americans that are causing experts, governments, social workers and above all politicians to huddle together trying one solution after another to no avail.

The innumerable bank owned properties are piling up because of the policy of foreclosure that the banks are pursuing and avoiding negotiating with the borrowers. These units are lying vacant attracting criminals and vandals. It is making the entire neighbourhood unsafe causing depression of the price of adjacent houses that are not in foreclosure. Many of these bank owned homes are catching fire thanks to arson and nefarious activities of thieves and robbers.

Vacant bank owned properties are causing spread of disease. Rats are multiplying in tall grasses. Stagnant pools have become breeding grounds for snakes, frogs and mosquitoes. Mother Nature is taking over with her gang of eat and be eaten while humans are suffering.

The unsold bank owned properties are causing the revenue to drop for the government at all level causing intense concern. The new Obama government has initiated many programmes – the main focus being on the solution of the bank owned homes. Money is being pumped in so that the local administration can buy these units, renovate them and then either sell or rent these out to buyers who would meet certain conditions laid down by the government.

Another plan about bank owned homes that is recently unfolding in Florida is about fixing up the bank owned homes as shelters for hurricane victims. For this special task force will first of all identify the houses and then locate the owners, whoever they are, and either buy or rent the houses. This way the administration would be prepared if and when disaster struck. The people would be able to stay in one place and families would not be divided. The administration would not be caught unawares and this respect the foreclosed houses would come in handy.