General Discussion

FlaGranny

(8,361 posts)

6. On a smaller scale

Fri Aug 24, 2012, 07:58 AM

Aug 2012

The homeowner's association where I live and work may be in for big trouble. Over and over again, properties here go up for foreclosure and are bought by smaller, local equity firms. These properties go up for foreclosure because years of unpaid fees. When you dig deeper, there are years of unpaid property taxes also. Anyway, these firms buy up the properties and hold them, with no payment of HOA fees OR property taxes. Then the same properties go up for foreclosure again. In the meantime, our other homeowners have to take on more and more of the expenses to run our community. I don't see things getting better for a while. Things don't make much sense in the housing market.

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Highlight:

Our Coming Rentcropper Society: Private equity firms buying up blocks of foreclosures nationwide [View all] HiPointDem Aug 2012 OP

du rec. Nt xchrom Aug 2012 #1

It was a takeover from the start 2pooped2pop Aug 2012 #2

i think you're right. HiPointDem Aug 2012 #4

Being facilitated by Fannie and Freddie? Nuclear Unicorn Aug 2012 #13

I've been expecting this. summerschild Aug 2012 #33

DU Rec. We have been bought and sold, woo me with science Aug 2012 #3

I agree. We've been duped... goodword Aug 2012 #8

Anyone know a guillotine startup looking for investors? aquart Aug 2012 #5

If you find one, let me know... Duchess St.Rollins Aug 2012 #7

Welcome to DU. Snarkoleptic Aug 2012 #18

Welcome to DU! You and the Duke are among friends. Raster Aug 2012 #19

During the French Revolution, they had to rely on gravity powered devices Thor_MN Aug 2012 #17

No invoice. The entertainment value alone negates a profit motive. Raster Aug 2012 #20

On a smaller scale FlaGranny Aug 2012 #6

how can they hold the properties and not pay the fees or taxes? can they be sued? HiPointDem Aug 2012 #10

Similar thing happened, but government was the owner. Trillo Aug 2012 #31

They just do, and they ARE sued. FlaGranny Aug 2012 #40

This will be interesting to see in California, which I believe has strong renters' rights. Zalatix Aug 2012 #9

They will have to also buy Mustellus Aug 2012 #11

I owe my soul to the company store. fasttense Aug 2012 #12

At least it's not China buying those blocks... CabCurious Aug 2012 #14

so it's ok then right? 2pooped2pop Aug 2012 #15

because that's what i said, right? CabCurious Aug 2012 #24

kind of sounds like it to me 2pooped2pop Aug 2012 #29

it was a joke... and I'd be happiest if working class families could all remain in their homes CabCurious Aug 2012 #35

you think not? i'm sure chinese investors are buying some of them. as well as americans, HiPointDem Aug 2012 #21

How do you know it's not China? Do you know who owns these private equity firms? yardwork Aug 2012 #22

great point!!!! CabCurious Aug 2012 #25

Thomas Jefferson saw this coming. Snarkoleptic Aug 2012 #16

wow. That is officially the most important quote in our country's history CabCurious Aug 2012 #26

hate to break it... but this may be a fake quote CabCurious Aug 2012 #27

Um, no disrespect to Thomas Jefferson or to you, but private banks DO NOT coalition_unwilling Aug 2012 #28

Printed by Bureau of Engraving, yes... Snarkoleptic Aug 2012 #37

Do you understand the difference between 'money' and 'currency'? There is a coalition_unwilling Aug 2012 #38

It's a great time to be a slumlord. nt OnyxCollie Aug 2012 #23

K&R for exposure and education. - n/t coalition_unwilling Aug 2012 #30

All part of consolidating and owning everything among a very few! Dustlawyer Aug 2012 #32

k & r girl gone mad Aug 2012 #34

Dean baker says prices on low-market real estate in phoenix have increased dramatically in the last HiPointDem Aug 2012 #36

Absentee ownership is the surest way I know to destroy a neighborhood. Egalitarian Thug Aug 2012 #39