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Homeowners are being bribed to stop home destruction PDF Print E-mail
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Written by Becky   
Tuesday, 01 April 2008

Some of those who are losing their homes to foreclosure are venting before handing their homes over. Many mortgage companies and bankers are visiting the homes to find them in utter disrepair. The former owners having stripped the home, and vandalized it with paint, trash, holes, etc. A survey done by Campbell Communications, a research/marketing firm in Washington D.C. shows that over half of the foreclosed properties received by mortgage companies now have "substantial" damage.

To try and stop these occurrences, lenders and bankers are now offering money to the homeowners to try and have them leave without making damages. Some lenders refer to this as a cash for keys approach. At least the homeowner will get something in return, on a property they have already lost. Of course, depending on the amount offered, there are owners that would rather have the emotional satisfaction.

On a side note, analysts have predicted that over 2,000,000 homes could enter into foreclosure this year alone.

 
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