Communities Fight Back After Banks Walk Away

walk away
walk away

People aren't the only ones walking away from underwater mortgages. Banks are walking away, too. Communities are fighting back to regain control of their neighborhoods. Some by forcing banks to terminate mortgages. Others by purchasing the homes abandoned by banks, fixing them up then renting or selling them.

A recent study done by the General Accounting Office found that banks charged off 46,000 properties between January 2008 and March 2010 with 60 percent of these charge-offs happening before even filing for a foreclosure. Then the banks just abandon the properties. These numbers are probably low. So what are communities doing to take back control of these abandoned properties?