Posted by Bear900/CA on 10/4/13 11:53pm
Msg #487083

Vampire REOs and zombie foreclosures no horror show

Nor is it an early Halloween. So, where are all the REOs, loans and signings?

Wonder where all the 'shadow inventory sits, or who sits in them?

http://www.mpamag.com/mortgage-originator/vampire-reos-and-zombie-foreclosures-no-horror-show-15894.aspx

Reply by PJM/MI on 10/5/13 5:46am
Msg #487094

I jumped on the mortgage field inspection bandwagon back in '06. Wanna know who owns most of the "zombies"? Bank of America owns about 28% of them, then followed by Chase, Citi & Wells-Fargo. I have a property that I stickered as vacant FIVE yrs ago. And there it sits..still vacant. One day I counted FORTY THREE vacant, non-preserved homes in one county, and I wasn't even down every road. BOA sold off alot of these "zombies" to GreenTree. BOA has stated that "some of these homes just fell thru the cracks". Ya' think??? But that's a pretty bad answer in my book, as having performed those inspections, did not BOA look @ my reports?? Nope. Had they READ the reports submitted, they would have known that 123 Main St Anywhere, MI had been vacant since 2007. It is truly a MESS.

Reply by MonicaFL on 10/7/13 6:25am
Msg #487191

My son does that same thing and states that there are some really nice houses out there that he has been going to for over three years that are just sitting empty. What a shame. I think they sit empty and not sold is because BoA is probably putting them down as a "loss" of revenue but still not selling any of them. Probably helps them with their taxes.