Re: Foreclosures
From: Ann Zabaldo (zabaldoearthlink.net)
Date: Thu, 5 Jan 2012 15:20:22 -0800 (PST)
Hello Kay and all --

Kay -- what, if any, actions or efforts did your community make to deal w/ the 
foreclosures?  

I'm not at all implying the community SHOULD have done something ... I'm just 
wondering if your community did take some actions, what they were and whether 
talking about them might be of benefit to the rest of us who have or who may 
have foreclosures in their communities.

Thanks for any and all info you can share with us.  Foreclosures wreak havoc on 
the owners, the mortgage holders, and ... the community at large.

Here is a link to a group that works w/ banks and mortgage holders to buy 
houses and then resell them to the owners at the current market value.   It's 
pretty cool.  Perhaps there is an organization in your area doing something 
similar.  When I googled "non profits foreclosure prevention" and "non profit 
foreclosure homeowner resales"  I got a slew (slough?) of hits.  There are 
groups throughout the country trying to deal with the foreclosure problem.

http://www.npr.org/2012/01/02/143601604/in-mortgage-crisis-some-banks-agree-to-cut-losses

Best --

Ann Zabaldo
Takoma Village Cohousing
Washington, DC
Principal, Cohousing Collaborative, LLC
Falls Church VA
703-688-2646

On Jan 5, 2012, at 2:45 PM, Kay Wilson Fisk wrote:

> 
> We have had five units "in distress" over the past two years - three
> owners walked away, and two who needed to leave have been unable to
> sell theirs:
> 
> * Two units sat empty until they were finally sold this last fall. 
> * Three units have been rented out, and still have renters living in
> them.
> * A parent of one of our owners is trying to buy one of the rental
> units, but the bank does not appear to be in a hurry to make this
> happen.
> 
> The effects on the community of losing 5 of 25 resident owners (20%)
> have been tough.
> 
> * Fortunately, no units have fallen behind in paying their monthly
> assessments.
> * However, the loss of community involvement of resident owners has
> resulted in a lack of community participation for which we are still
> paying the price. 
> * At present we have 9 units being rented: 7 rentals under our rental
> ceiling, plus 2 rentals with 1 year special exceptions that have been
> given annual renewals.  
> * We have just lowered our rental ceiling from 7 to 5, as two owners
> want to sell their units, but existing rentals are grandfathered in,
> so they are likely to remain rentals until the housing market
> improves.
> * Some renters participate in work parties, committees, and meals, but
> others do not, so this leaves less people to get the community's work
> done. This is the biggest, most troublesome impact.
> 
> It has been amazing and wonderful to see what a big difference it is
> making to have 2 new resident owners (4 new people). The amount of
> energy this is adding to the community is truly gratifying!
> 
> Kay Wilson
> Meadow Wood
> www.mwcondo.com
>       
> 
> -----Original Message-----
> From: Sharon Villines [mailto:sharon [at] sharonvillines.com] 
> Sent: Wednesday, January 04, 2012 3:19 PM
> To: Cohousing-L Cohousing-L
> Subject: [C-L]_ Foreclosures
> 
> 
> Have any communities had a recent foreclosure - last 2 years or so?
> 
> If so, what was the effect on the community? On ability to sell units?
> 
> Thanks,
> Sharon
> ----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
> 
> 
> 
> 
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