Contractors More Responsible for Maintaining Abandoned Homes

Contractors in Florida such as Trey McCalister and David Law are finding that their main job now is making sure abandoned homes are maintained. Mortgage companies hire contractors to maintain and inspect homes that the owners could not afford any longer and that no other individual wants.

Contractors see firsthand the damage that subprime loans have done to homes. They have seen homes with gutted interiors, peeling paint, overgrown lawns, and family pets left to starve.

In the state of Florida, the housing crisis can be overwhelming sometimes. It can take months or years for houses to go through the foreclosure process, especially with the backed up courts.

If a home is empty for a long period of time, it becomes more and more vulnerable.In a number of months, Florida weather can begin to affect the house.Mildew and mold can begin to develop.Algae begins to grown is swimming pools, plumbing and wiring give out or the homes are vandalized.

State and local governments are very concerned about maintaining homes that have fallen into foreclosure.An unkempt foreclosure home can bring down property values in the neighborhood and can become a haven for gangs and junkies.In the last year officials have levied fines on mortgage companies that allow the homes they are repossessing to fall into disrepair.

With economists predicting that a million more homes will be repossessed within the next couple of years, the problem of empty homes becomes more glaring.

About three percent of homes that once had occupants became empty in the month of March.This is an increase from under two percentfrom a few years ago.This is the highest percentage in a number of years and is the highest numbers since numbers began being published by the Census Bureau in 1956.

For contractors, the increases in foreclosures are good for their businesses.Most contractors have doubled their income last year.A lone contractor can charge up to five thousand dollars every few weeks.

However, with the price of wood, diesel fuel and other needed supplies takes away from their earnings.Contractors are not able to pass on the cost to lenders because they are either under contract or are paid a particular rate by government agencies.

When a contractor first goes to an empty home, a contractor will need to change the locks in order for the mortgage company they work for can get access to the home.A locksmith tool is usually used to get into the house but sometimes a window may be used.A contractor will then board up any windows that are broken, record any damage and cut the grass.Mortgage companies may pay the contractors to fix the home but that depends on how damaged the home is.

There are times when the damage to the empty home is substantial.It is often hard to say who is responsible for the damage.The damage may have been caused by an angry homeowner but is could also have been caused by vandals or thieves.To keep losses low, some mortgage companies offer “cash for keys”.They will pay a homeowner is they vacate the home fast and in leave the home in good condition.

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