Posts Tagged ‘banks’
Zombie foreclosures: Richmond’s hidden housing crisis
Richmond has seen an increase in “zombie” foreclosures, meaning that the bank, upon foreclosing on the homeowner, never took ownership of the home. The practice allows banks to avoid liability. It also increases blight, and makes it difficult for the city to manage abandoned properties, which often turn into blighted eyesores.
Read MoreBacked by new law, homeowners in Richmond, Oakland, fight to protect homes from foreclosure
When Oakland resident Debi Mason set out to prevent mortgage associates from the Bank of America from foreclosing on her sister Patricia’s Maxwell Park home in 2007, she had only a few friends, neighbors and advocacy groups to help fend off the foreclosure. But last week, Mason, along with thousands of homeowners in Bay Area…
Read MoreBank-owned homes cost city time, money
Nearly 1,000 homes in Richmond are bank-owned, but many banks have failed to keep them maintained. So city code enforcers are spending big bucks and countless hours securing vacant properties and chasing down the banks that own them.
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