I wish I could totally understand what reason(s) a servicer or lender would have for not foreclosing on abandon homes. These homes hurt the value of all surrounding homeowners. What is the benefit of not getting any payments, paying the taxes and insurance and do nothing?
These abandon properties are not about getting folks out of their homes. It’s all about getting the foreclosures done and getting the properties sold.
Every state should fast track foreclosures, so that the neighborhoods can stabilize values and get these homes filled with new homeowners.
‘Fast Track’ Foreclosure Process Aimed at Abandoned Properties
By: Credit Union Journal
The Illinois General Assembly has passed SB 16, a measure that establishes a "fast track" expedited foreclosure process to help address the issue of abandoned residential properties in Illinois.