Sam Gendusa April 23, 2013

Seven years ago the housing bubble burst and the words “short sale” and “foreclosure” became common speak in the United States. According to RealtyTrac, almost 2 million properties have started the process of foreclosing and have not yet foreclosed. For about half of these instances the homeowners are fighting to remain in the homes, leaving one million homes in a foreclosure limbo between the homeowner and the bank. And it’s affecting the borrower in far worse ways than predicted.

Some borrowers who have walked away from their foreclosed homes are discovering their banks never transferred the deed to the house or the scheduled auction never took place. Because of this, the borrower technically owns the home and is still responsible for property taxes, homeowner association dues, and other fees.

Why would the banks delay possession of these properties? Because some of these foreclosures are difficult to get off the market, a suggested theory is banks delay possession to save on taxes and other costs. However, this negatively affects the borrowers’ lives in tremendous ways.

Because of this, homeowners who have walked away from foreclosed properties have severely damaged credit scores and un-forgiven debt. These borrowers are also faced with credit card companies denying service, inflated auto loans and car insurance rates, and not being able to get another mortgage.

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