Thursday, August 16, 2007

Rumor: Is the City of Stockton looking to take advantage of the banks?

I spoke with a lender rep this morning (responsible for meeting with defaulted homeowners and trying to work-out a feasible solution with the lender and homeowner - instead of putting the home thru the foreclosure process) and he heard that the City of Stockton is looking to fine defaulted homeowners and bank-owned properties $500/day for the lack of attention to the appearance of blighted homes in city neighborhoods (remember that San Joaquin leads the nation in foreclosure activiy in the US).

This could potentially put the banks in a more tenuous situation (as if they don't need more bad news) that would find a superior lien placed on their assets prior to foreclosure and the potential for the city to take possession of the property.

On another note, this ad in craigslist in Dallas is worth passing along..

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