It's a massive problem affecting thousands of Indiana homes and, no matter where you live, it's happening in your neighborhood, too. 13 Investigates takes you inside the area's dangerous - and even deadly - foreclosure crisis. From starter homes in Greenwood to million-dollar mansions in Geist, tens of thousands of homes throughout central Indiana are now vacant, abandoned or in foreclosure. While some of the properties are being well maintained, most are not. The high weeds, garbage, neglect and abuse outside the homes create an eyesore for neighbors, but what lies inside the houses can be even worse. Open door policy Because many of the properties are not properly secured, WTHR found many homes with doors, windows and garages that provide easy access. In fact, some are wide open. 13 Investigates' tour of abandoned homes found properties that have been ransacked and vandalized. Others have collapsed ceilings. Rotten food, mold and mildew create foul odors that neighbors call "unbearable." Janice Banks lives across the street from two foreclosed and vacant homes on Villa Avenue in Indianapolis. She says it's been years since she has seen anyone care for the unsecured properties, which are now surrounded by high grass and weeds and littered with trash. "Somebody's got to do something," Banks said. "It's a mess and I don't want to live across from that." City officials tell WTHR they have not received any recent complaints about the Villa Avenue properties, but after seeing the homes firsthand, they admit the homes do need attention. read more
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
Foreclosed and forgotten
| credit crunch, financial crisis, foreclosed, home owner secured loan, loan, mortgage | 0 comments »
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