The problem of course is a total twister, some legal slight of hand and a sadder than sad housing market that has slipped to zero in some sections of the city. What happens when the bank initiates a foreclosure proceeding and - learning that the house has become a liability and has lost its asset value - never takes title, thus stranding the unwitting former owner with future liability for house that's no longer occupied and worth, most probably nothing. Strange, but true.
Well, I learned today from former Buffalo NY housing activist Richard Kern - now 'exiled' and living in Minneapolis - that the City of Buffalo is suing 36 financial and lending institutions in part to cover the cost of demolitions that it incurs when the 'bank' doesn't complete the foreclosure and leaves everyone hanging.
I've archived the 96 page Summons and Complaint - 'Buffalo & Brown v. 36'. I'll be following the case and tracking responding papers.
I wouldn't be surprised if this isn't an NPR or New York Times story in the making. Should be interesting.
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