Speedy Foreclosures Leave Behind Festering Wounds

Posted in Foreclosures, October 29th, 2007 |

It happens within minutes – the foreclosed property is snapped up every Wednesday supervised by the Sheriff’s Department of Brown County. Buyers and sometimes a hapless former owner crowd in the first floor room as the drama progresses in sharp succession. But few are aware of the behind-the-scene tears and tales of frustration. Swiftly more than $1 million worth of foreclosed in Green Bay’s Broadway district property change hands before one can blink.

One such tragic story is that of Robert Lepak who had lost his Casco farm to foreclosure seven years ago. The wound is still festering – the foreclosure scars do not heal easily. 56-year-old Lepak recounts the loss of not only his farm but also his farm machinery and everything else he had. With this zero balance in his pocket what chance has he of a dignified survival?

The tales of horror continue. In Broadway district a property valued at $1.18 million was sold back to the lender after the borrower Steve Boyer was careless about meeting mortgage commitments. Personal matters took him away for sometime and he forgot to pay his dues. The result was foreclosure. However some say that it is all for the good as regards Broadway because till now Steve had neglected it and let the property stand idle. Now something will be made out of it – at least there is a good chance of this happening. Many of the Broadway units will require rehabilitation and perhaps a new mixed lot will move in and pep up the economy.

The foreclosed properties are a mixed lot – both residential and commercial. Some are occupied but others continue with business as usual. Those that will have to move out with the tag of foreclosure after their name will find it difficult to make a new beginning. That is where it hurts most. Business cannot be started anywhere anyhow. It requires capital and good will apart from drive and zeal. Foreclosures seem to have snapped up everything. Those who are residents will find it tough getting new rented quarters. Landlords will be naturally suspicious. Most of the foreclosed units swallow up equity also so that hardly any money is left over after paying mortgage and tax dues to fix up another house to crawl into. Reports of suicide are coming in. The whole socio-economic structure of the nation is wobbling.