According to realty track, one in every thousand houses in the U.S. is in foreclosure. Many sources report a foreclosure decline in the recent years. But those numbers rarely mean much until you put a face to it, a house that once was a home. A beautiful home. That was until the bank repossessed it and sat on it, not giving in, not selling it short. Even though banks receive government money to maintain the houses that go on foreclosure, not all of them choose to maintain them.
I recently visited such a house in the northwestern suburbs of Chicago at 1995 Marigold Lane in Round Lake, IL. This beautiful house has been on foreclosure for 10 years. It still looks nice from the outside, but the inside is completely rotten with mold. The electricity has been turned off for an unknown period of time, as a result, the sump pump was off and did not pump any water out. The basement is completely flooded and god knows how long that water has been sitting there. There is so much mold on the walls spreading upwards from the basement that this house is absolutely unlivable. It would have to be torn down. This is such a waste of property, investment and neighborhood. Why would the bank just “sit” on the empty house for 10 years and, ultimately, destroy it??
How could this be legal?