Wordless Wednesday: This is What Foreclosure Does

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I live in Miami-Dade County, in Miami, Florida. In the entire United States, we have the highest rate of foreclosure.

I am not exaggerating – it’s a statistical fact.

My home has decreased in value by $50,000 in the last two years – well after the bottom supposedly fell out of the real estate market. I don’t plan on walking away, because I can actually afford my mortgage – I only bought what I could afford.

But others? They leave. Or they are forced to leave because they can’t afford their home loan and aren’t able to get a home loan modification…and houses quickly fall into disrepair. And then this is what happens.

If more people were able to refinance their high-interest rate mortgages, it may help this foreclosure crisis, but it’s so hard for so many people because many are also unemployed and unable to get approved for new loans with low credit ratings!

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Comments

    • says

      Oh wow, I haven’t seen arson yet in our neighborhood, but we did have an issue with homeless people squatting in this house before they demolished it!

    • says

      It’s really sad. These homes were built in the 50’s, so when the families are forced out, they immediately begin rotting! This one’s roof caved after the 2009 rainy season, it rained in it for over a year before they finally demolished it.

    • says

      This is actually the second house on our street that has been demolished since the family was forced out after it went into foreclosure!

    • says

      It was really sad – but we were glad to see it demolished, because it was in such bad shape that it was infested with rats and homeless people were trying to sleep in it!

  1. says

    isn’t that sad? Our home was a foreclosure and they took all the appliances, ripped the light fixtures out of the wall, and threw paint on the carpet. Sad.

  2. says

    That is terrible and what a mess! $50,000 is a LOT of money! A friend of mine’s house is in foreclosure because her ex-husband won’t pay it or sell it. Even worse, it’s in a historical district now and worth quite a bit of money.

    I would be furious!

  3. says

    So sad. We bought our house in May, but it’s assessed value for our taxes is $50,000 more than we paid. ! I’m really hoping things don’t get any worse. Like you, we bought what we could afford (well, less than what we could afford, because that’s how we roll), but other people’s houses being foreclosed on impacts all of us.

  4. Carolyn G says

    South Florida got hit hard. We still have friends there who cannot leave because they owe more than they paid. :(

  5. says

    That’s so sad! We’ve been fortunate enough to move from one area to another during the recession but luckily both areas weren’t effected nearly as much as Miami and other parts of the country. I think in Colorado our home value only dropped by $10,000.

  6. says

    How depressing.

    I am so hoping that the economy rises again to what it was before. I used to have equity in my house. Now I owe more than it is worth but it is mine.

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