DREAM HM NEWS




Quick Facts and News Headlines

U.S. Homeowners Force Lenders to Clean Up Neglected Properties

From LenderOffender.com
3/10/2009

March 10, 2009. Homeowners across the nation finally have a place to voice their frustrations over the condition of neglected bank owned properties in their communities. Since the launch of the website LenderOffender in January, thousands of concerned citizens have registered and logged in to file complaints and coerce lenders to take action. Based on uploaded photos and submissions, lenders are ranked on the site by the quantity of neglected properties they own that have been posted by fed-up homeowners. Among some of the lenders most commonly reported on Murrieta, CA-based LenderOffender are U.S. Bank, Fannie Mae, Freddie Mac, Wells Fargo, and Deutsche Bank. Wells Fargo was the first bank to take action after seeing its properties on the new site.

Initially launched by a Southern California homeowner fed up with the state of bank-owned homes is his community, LenderOffender.com has quickly become a popular forum for homeowners who have watched the condition of their neighborhoods decline due to the rise of foreclosures and neglected bank-owned homes. Upon registration, homeowners are permitted to post photos, addresses, the lenders’ names, and complaints about bank-owned homes in their communities.

“Neglected bank-owned properties have been negatively impacting communities across the United States since the onset of the mortgage crisis,” says Mark McKinzie, founder of LenderOffender.com. “ Our site gives homeowners a voice and a place where they can file their complaints in a matter of minutes without hassle or red tape. We’ve also gotten a lot of positive feedback and support from Realtors who are also frustrated with this growing trend.”

In a recent report released by Deutsche Bank, foreclosure inventories outnumbered MLS listings in eight of the 26 markets that were analyzed, illustrating that bank-owned homes still continue to dominate the market in many areas. Neglected bank-owned homes that have been posted on LenderOffender.com represent communities across the United States, including areas where foreclosure rates have skyrocketed such as Florida and California. Common complaints include brown and black lawns, mold, green pools, vandalism, and litter.

Since the launch of LenderOffender.com, Wells Fargo cleaned up four of its properties that appeared on the site within a matter of days. The properties have since been removed at the lender’s request. It is the site’s policy that once complaints about a property have been addressed and resolved, the owner can submit a new photo of the property to LenderOffender.com and a request to have the property removed from the database.

“The goal of the site is to force lenders to take responsibility for the neglect, and to take action, and we’re pleased that lenders are taking notice and making an effort to correct the problems,” says McKinzie. “Right now, we’re receiving a steady stream of new submissions from fed-up homeowners, but we hope that they’ll taper off in the near future as a sign that lenders are doing everything they can to maintain the condition of their properties and mitigate homeowners’ concerns.”

For more information, or to report a neglected lender owned property, visit the website. Registration is simple and free of charge, and the submission of property photos is optional. Additionally, in cases where the lender is unknown, users can mark the box labeled “unknown” and LenderOffender.com will help locate the responsible lender.

Editor's Note: Click Here to visit LenderOffender, which appears to be supported by advertising

To comment on this article, please visit our blog.


Print Date: 9/20/2020
Using this site means that you agree to our Terms of Use and Privacy Policy. - Copyright © 2020 DREAM HOMES. All rights reserved.
All information is deemed reliable but is not guaranteed and should be independently verified.
Facebook Twitter Instagram