Bank Owned Properties

We have a number of bank-owned properties in our neighborhood. I suspect that in coming months we will have more since the record level of 2-year adjustable rate mortgages done in 2005-2006 will be resetting over the next year and therefore mortgage payments will be going up. In light of this, it may be difficult for some of our residents and so there will be needed creative support along the way.

Here are some simple tips toward helping our local market out in the midst of foreclosures.

1. Mow a neighbor's lawn if it is a foreclosure and the bank is dropping by the ball on taking care of the property (unfortunately that is too common). A household on Croydon Way has done a fantastic job doing this very thing. The lawn is green and mowed only because of them.

2. Keep an eye on vacant properties and report any suspicious activity to the Police.

3. If the property has issues continually, call and complain to not only the Police, but the Listing Agent also. The bank/Agent needs to take care of their property. This goes for debris on the premises or anything unkempt about the property. The Listing Agent should be working with the Bank to maintain cleanliness.

4. Call Code Enforcement if you know of a rental that is not being taken care of. We want to see the City come down very hard on slumlords (and it is the job of Code Enforcement to do so).

5. Do what you can for your own household in helping your house be well-kept on the exterior.

6. Get FREE trees from SMUD through their tree program.

7. Talk to your Lender if your mortgage is going up. They really do not want your house to go into foreclosure, so they will sometimes get creative and work with you when you have a ballooning mortgage payment. Communication is worth a shot.

8. Welcome new owners and residents to the neighborhood. Let them know about our efforts also.

9. Report code violations where necessary. (Why have there been two mattresses on the corner duplex at Portsmouth & Birmingham for over two weeks? Has anyone reported this?)

10. Be deliberate about being involved in the neighborhood in terms of events and walking out a daily vision of learning to be a neighborhood that takes care of each other and is a positive and dynamic place to live. Find out how you can apply your own abilities and gifts for the sake of the neighborhood.... and then do it!!!

11. Find ways to open up communication between neighbors on your street (BBQs, dinner together, talking, etc...). Building community is the key to success.

12. If your house is heading toward foreclosure, talk with your Lender and/or an experienced Realtor about a possible short-sale instead of foreclosure. A short-sale is a much better way to go and may be less painful for you and your family.

Please add tips and ideas below or email "cordovatowne at yahoo dot com".