tag:blogger.com,1999:blog-4670547542156136826.post4934278261429169901..comments2024-03-10T03:08:26.496-05:00Comments on The Sixth Ward: Roseland Heights and the house with plywoodLevoishttp://www.blogger.com/profile/11738239742618133212noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4670547542156136826.post-48734431249898661792010-09-30T21:44:28.430-05:002010-09-30T21:44:28.430-05:00LJ, the foreclosure situation in the 6th ward as w...LJ, the foreclosure situation in the 6th ward as well on the south and west sides has become crucial.<br /><br />We have the problem where no one wants to be the bad guy. The lenders don't want to foreclose because it makes their financial standings suffer and can trigger asset calls by the FDIC.<br />So they are stalling and drawing out the process for as long as they can.<br /><br />The owners do not want foreclosure because it hurts their credit but on many of the worst properties it can also mean serious legal problems. Many of the owners financed these properties as "owner occupied" and have numerous properties financed this way. If the properties go into foreclosure it can trigger an avalanche where property after property will start to go into foreclosure and catch the eye of regulators.<br /><br />So the owners are placing anybody with money into these properties so they can keep the property avalanche from occuring. Even when they are getting notices from CHA and neighbors they don't care. <br /><br />Until the city and FHA get an intergovermental agreement it won't help ticketing.Worlee Gloverhttps://www.blogger.com/profile/15377083807046416048noreply@blogger.com