“Walkaways” Have a Large Impact on Vacancy Rates

Across the nation, homeowner “walkaways” are a large part of the increase in vacant and abandoned properties. Industry data estimates that 20 percent of vacant homes are abandoned by homeowners in default rather than forced by a lender. This article describes the ideal response by homeowners who are in default versus the “real” response that typically happens as a result of an unaffordable mortgage. Various solutions are provided such as reducing the length of the foreclosure process, increasing collaboration between code enforcement and servicers, reaching out to borrowers, and looking at new property disposition alternatives.

SOURCE: Safeguard Properties

URL: http://tinyurl.com/6aj8yrq