Kenosha Repo Homes

Nov 18, 2008 | Filed under Repo Homes | Comments (0)

The recent rise in Wisconsin foreclosure filings has avoided Kenosha to a degree. Overall across the state, filings were up 15%, but this was attributed mostly to Racine and Milwaukee counties. However, there is not much good news on the horizon as state-wide the figures are nearly 25% higher than the same time in 2007.

Some brokers in the Kenosha area are hoping that the filings are about to start tailing off and that the particularly high figure is misleading as it takes such a long time for a single house to move through the system. In some cases a Kenosha repo home could take up to a year to move through the system from repossession to final auction, and these recent figures have been building steadily over the past three years.

According to local banks, there has been an increasingly worrying trend of people unable to keep up their mortgage repayments; but more so is the reluctance of the individuals to inform the banks about the problems until it is too late. Banks would rather work with residents of the Kenosha area to sort out the debt difficulties before they become bankruptcies. In reality, when a bank forecloses, the bank becomes the owner of the property when their core business is banking; they are then forced into maintaining the property by the Kenosha Common Council whilst the lengthy process of re-sale takes place. Foreclosed properties are often sold at a loss by the banks as they are not seen as desirable after sitting vacant for so long.

The last thing that Kenosha banks want to do is to create more Kenosha repo homes, they would rather work to resolve the financial problems; the last thing they want to do is foreclose. For those that are affected by Kenosha repo homes, their credit rating takes a big hit and they will find it difficult to purchase in the future. Kenosha banks are warning that many of these problems could have been avoided if customers were not embarrassed by their financial situation.

So the light at the end of the tunnel is that with the announcement of the recent $700 billion governmental rescue package, we may see the economic slide slow down and perhaps even start ot rise again; but for now we expect the number of foreclosures in the Kenosha and surrounding 7 counties area to begin to decrease in the next month or two. The fact that it takes so long for a property to move through the system may mean a dry up of filings through to Christmas.

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