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Banks using questionable ways to preserve foreclosed properties

The ongoing economy troubles in the U.S. have had many negative effects on people everywhere, including those in the Tampa area. From mounting debt to home foreclosures, the effects can be felt everywhere you turn. As foreclosures continue to mount banks have begun turning to questionable methods in order to deal with the growing problem.

According to reports there have been more than 10 million foreclosures since the nation’s mortgage crisis began. Strapped with so many properties banks have begun to turn to behind the scenes property management firms in order to get a better read on the conditions of these homes. Banks are looking to find out if people are still living in these homes, what kind of condition the homes are in and trying to keep them in as good as shape as possible until they can resell them.

However, some of the tactics being used by these property management firms might be illegal. In fact, Illinois recently became the first state to file a suit against one of these companies, claiming that Safeguard of Ohio wrongfully dispossessed hundreds of homeowners in the state. According to the suit Safeguard allegedly broke into homes that were still being occupied, forced people to leave and even damaged some of the homes.

Unfortunately there are some people who lose their homes to foreclosure, but that doesn’t give property management firms the right to kick those people out or destroy their property. If someone is facing a possible foreclosure he or she should consider meeting with an experienced foreclosure attorney.

Source: New York Times, “Invasive Tactic in Foreclosures Draws Scrutiny,” Jessica Silver-Greenberg, Sep. 9, 2013.

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