How are banks protecting foreclosed homes from vandalism?
In these two articles it is stated that banks are not protecting foreclosed homes from vandalism, but rather let them sit idly until they are bought. Due to the vast amount of foreclosures on homes the banks cannot quickly sell them. Also due to slow judicial foreclosure systems there is sometimes a 6 to 18 months for them to be file and the property becomes an REO. These problems causes the properties to lie idle and become a nuisance to the neighborhood and also prime targets for thieves. —-quote—- In Cleveland, housing lawyers resorted to suing Wells Fargo and Deutsche Bank, accusing them and other banks of creating a public nuisance by neglecting foreclosed homes they owned, then unloading thousands of them at fire-sale prices of $1,000 or less to speculators and flippers. The suit, which is still pending, charges that the banks, which together own some 2,100 foreclosed properties in Cleveland, are responsible for causing property values to sharply decline. Wells Fargo received
