It Takes A Village To Deal With Foreclosure

[May 14, 2008.]

 

Foreclosures are projected to continue well into 2009 as many mortgages are scheduled to reset at higher interest rates. While many home owners may have been able to deal with this a year before, with the job market declining and inflation setting in, many will find it difficult if not impossible to make their mortgage payments.

With this as a looming fact neighborhoods must begin to realize that those mounting foreclosures will even impact them no matter if they themselves are facing that fate or not.

Foreclosures are no longer restricted to low income neighborhoods. The middle and upper class are also seeing a record amount of foreclosures which is having adverse effects on their communities. As the number of abandoned homes double your property value may begin to decline. This is from the lack of upkeep on those homes whose occupants have long packed and gone.

In some areas, thieves are beginning to see these foreclosed homes as a source of easy money stripping the copper wire from the building. With no occupants, the damage done to the home may not receive timely repairs creating an eyesore.

In extreme cases squatters may move into those homes and with them drugs and other activities that are far from desirable.

Many landlords are taking steps to insure that foreclosure is not a possibility by lowering prices and moving in anyone and everyone they can. This does not always turn out for the best since those that move in may not be up to par that the neighborhood is used to.

Several larger cities have seen a connection between foreclosures and an increase of crime.  There are many things a community can do to stave off an increase of crime such as taking the upkeep of abandoned homes into their own hands. If there is a home owner's association make sure to alert them of any activity that seems out of place.

Foreclosure affects the entire neighborhood not just those individuals that previously owned the home.