Foreclosures Spell Despair To Many But Opportunity To Some

July 3rd, 2008 | Tags: Foreclosures

Foreclosures spell despair to many but opportunity to some – to those who are suddenly finding themselves gainfully employed in this tight job market.

But Chad Berry is not very happy about his type of work. He and his helpers have to clear out the leftovers of a home in a stately Bay Vista foreclosed house. Among the items being removed are heavy sized steel safes, nine vintage game sets including Pac Man and Asteroids. Some items are heavy while others are period – forgotten and left behind by the previous owners struggling to find a new shelter for themselves. More worrying for Berry is the foul smell from rancid food rotting in the kitchen sink. The buzz of flies made Berry nauseated as he came across a dead mouse. Dog’s feces dotted the floor.

Berry is the father of two young girls. Understandably he could hardly hold back when going upstairs he came girl’s stuff lying around. A sketch of a manger remained a silent witness to the number of hours spent in making it. The bookcase was lined with toys and knickknacks. It was obvious that the girls were forced to abandon their precious possessions to a cruel adult world of foreclosures. Berry plays a very important role in clearing out the foreclosure debris to make the house acceptable in the market again. Without the Berrys this work would have been difficult.

Florida ranks second in the national foreclosure postings. It is a grim assignment to suddenly restore order to the heartrending chaos left behind by foreclosures. However in this world of job crunch there is no denying that new opportunities have opened up for many. Dipping into the foreclosure pie are real estate agents, deputies of the sheriffs and many others like Berry.

Ron Trembla of Wachovia bank says that nobody has wanted this to happen. It is a painful process – painful to the borrower, painful to the bank and painful to society. The only thing now is to put the houses back into circulation so that the real estate market once more regains health and gets back on its tracks. Here the banker and those assisting it plays a vital role. Wachovia has a rare in-house section for dealing with the rehabilitation of foreclosed homes. Most of the other banks out source the work. The foreclosed units become REO or real estate owned when after the process of foreclosure is completed the banks take over the deed.