The Foreclosure Next Door

The recession has affected just about everyone in the United States in one form or another. Even if you were not one of the homeowners directly affected by foreclosure, you are more than likely one of the ninety two million homeowners who saw the value of their home drop as much as $20,000 due to the massive wave of foreclosures that has flooded across America. The unfortunate fallout that continues to happen to those homeowners who didn't have their homes foreclosed is the fact that very likely they are living in the neighborhood with foreclosures all around them. So what do you do when the foreclosure is next door and it's affecting your ability to not only sell your home, but to maintain what little equity or home value you may still have?

When the banks went through and began their sweeping rate of foreclosures, few of these institutions gave thought to the fact that as the new home owner they needed to maintain the home itself. In pre-recession days, foreclosures were not common and banks could certainly resell a home within a short period of time with minimal effort. Sadly those days are behind us, and there's no telling when they will return if ever. That leaves you, the homeowner, living next door to a foreclosure that is going further and further every day as the bank overwhelmed by the amount of homes they have foreclosed on finds themselves in a position where they simply can't or won't acknowledge their responsibility to maintain the appearance of the house. So what can you do? Your first step is to learn about real estate law in your state and contact a real estate lawyer for assistance.

You can try a few things on your own if you want to know a little bit about real estate law, including finding out if your particular state or city has ordinances regarding banks maintaining seized property. Unfortunately there are no federal laws that are universally in existence at this time to force banks to maintain their foreclosures. If your city or state does not have a law on their books, you can always attempt to call the bank, but don't expect much in the way of corporation. Even if you do find a bank that understands that their home is causing neighborhood blight or even a health hazard or fire hazard, the chances of them acting on it are minimal.

Before you decide to take matters into your own hands and start mowing the yard and picking up the trash that accumulates at the foreclosure next door, take care to learn about your state's real state law to ensure you won't be charged with trespassing or even theft or removing debris from the property. Once you understand what type of real estate law applies, you will be in a better position to take action.