What to do when a unit is vacant and caught in the endless Foreclosure whirlwind
The foreclosure and economic apocalypse that started in 2008 is still alive and well. Most communities have units where the homeowner moved out before the Marshall threw them out or they passed away and the bank hasn’t foreclosed on the unit leaving it to deteriorate and no entity or person to pay their monthly common charges. Leaving the burden on the rest of the unit owners, association or the town to deal with…or not. Since 2008, there has been a sharp increase in New Jersey and the rest of the country where homes are abandoned by their owners before being officially foreclosed upon by a bank, turning into what experts are calling ‘zombie foreclosures’—a trend that is nearly as frightening for banks as those undead movie monsters also reclaiming the media spotlight these days.
The abandoned houses ruin the quality of life for neighbors, threaten public safety and send property values plummeting. Slowly…..very slowly the banks are starting to take over the units and sell them to new buyers but for those that haven’t, attached is an informational sheet from CAU Insurance Company. Gaining access into these units can save an association thousands of dollars in needless repairs and damages if the water and heat are not dealt with properly. Associations also have the option to have the units become a court appointed rent receiver unit and the association can recoup their lost monthly common charges.
Click here to view CAU informational sheet: P16 – Vacant and Unoccupied Units
For more information about the services we can offer you, contact Klein Property Management at (732) 446-0611 or visit us at http://kleinpropertymanagement.com/