Banks just walk away…
Posted by CM on August 19, 2009
Last week I watched a story on CNN about two homeowners who left their home when they received their foreclosure notice (auction notice I assume). Well, about a year later, they were being threatened with jail time due to credit liens, unpaid property taxes, and unpaid city code fines (their home was fined by the city because of the lack of curb appeal). Unfortunately I have not been able to locate CNN’s story to provide a link or a reference so the words used are not verbatim. But it really doesn’t matter because I have heard this story time and time again. You think the bank is foreclosing, you move out and a year later you find that you still own the house that has become virtually worthless.
In my personal story, our home has been vacant and on the market for a year and a half. Because of the story above, I have decided not to take all the utilities out of my name until I have proof that PHH Mortgage or someone else actually bought the house during the auction. The last thing I need is to go to jail next year. My family wouldn’t like that very much.
For further reading on this subject, please read: House ‘Under Water’? Do Like the Banks Do and Just Walk Away. By Scott Thill for AlterNet.org 8/19/09