A couple property owners approached me stating they have received notice from the Milwaukee Department of Neighborhood Services (DNS) that they must obtain new occupancy certificates on properties they purchased a couple of years ago. In both cases the properties had been in foreclosure.
Sep 13
I was listening to NPR while clearing some paperwork off my desk. They had a half hour segment “How We Survive: Renters, Rights, and Resistance”
Under the guise of protecting tenants from foreclosure related evictions the speakers were promoting just cause eviction laws – starting with CA but their goal is nationwide. Let’s face it in most foreclosures the tenants live rent free for months.
More alarming was the second half the program where they discussed tactics used to avoid eviction for non-payment. Continue reading »
Aug 04
As a rental property owner in Milwaukee the following items should rank high on your list of concerns. (Just a draft) Continue reading »
Jul 22
The Milwaukee Journal notes that Lenders are abandoning foreclosured properties
http://www.jsonline.com/watchdog/watchdogreports/50548282.html
“Rodney Lass figured his days as a homeowner were over when he was hit with a foreclosure judgment more than a year ago.
He stopped rehabbing his two-story Bay View home and moved on. [snip]
The foreclosure, however, failed to go through after the California-based lender decided it didn’t want the gutted house. Lass said he found out for certain that he still owned it from the Journal Sentinel.”
Tim’s comments
There is another twist, probably worse for the community than abandonment by the lender. An emerging phenomena is owners of properties in lower income areas are being sued for the balance of the mortgage, not as a foreclosure but as a large claim action. The lenders are seeking only a money judgment against the owner and are not asking the court to give them title to the property. The only option at that point for many owners is bankruptcy. Continue reading »
