Neighborhoods hit hardest by the foreclosure crisis are experiencing far greater damage to property values as a result of displaced homeowners and tenants taking their frustrations and anger out on properties as they leave.
“I tried to work with my bank when I had perfect credit, money, and a job that paid the bills. But, my lender made me ruin my credit by going 90 days late for a possible shot at negotiating a new payment when my ARM started to adjust, and then after I paid them a bunch of money, they told me I wouldn’t qualify for a loan workout. So, I took all of the upgrades that I personally put into my house and moved down the street to a larger home for half the payment. Why should I let that lender have a livable home when they ruined my life?”
This seems to be the standard from homeowners who were unsuccessful in negotiating a loan modification with their lenders.
We’re dealing with several cases where lenders drain a home owner’s reserves with unsuccessful forbearance or trial periods while they “consider” a potential modification. This generally leaves people with bad credit and no money left to move when they finally get offered a new payment that is still to high too help the situation.
It is even more tragic when a renter gets a surprise notice that their home is up for auction. At least the homeowner had time to prepare for the move.
While most people in this situation could make a justifiable case for trashing their home on the way out, it is causing a significant depreciation in home values and adding fuel to the fire. When there are vacant homes in a neighborhood for an extended period of time, everyone suffers.
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