Dear PoP – Foreclosures

foreclosure, originally uploaded by takingthechallenge.

“My neighbors just had their house foreclosed on. Kind of scary seeing the locks changed, though they moved out two months ago. Seems they left most of their furniture as if they were coming back. The banks contractor said they even left food in the fridge. I am of two minds on this. It must be awful losing your home like that, but it was my understanding that these folks had owned the place for 20 years and cashed out every cent of equity without putting a cent back in it. When I last saw them, they were driving new Cadillacs, so I don’t have too much sympathy. I know it will have a negative impact on my home value, but a part of me is glad to see them go, as they were not the best of neighbors.

Has anyone else had this happen in their neighborhoods? What has happened to the properties? Did they rot, or did folks buy bargains and fix them up.”

Well that is a pretty harsh reaction! But I, too, am curious as to what happens to these homes after they are foreclosed. Apparently this trend is going to continue for the next year or more. So, has anyone lived on a block where a home was foreclosed? What generally happens to the home?

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