The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the property values have fallen so low that the bank doesn’t even want them.”
Taylor Bean & Mortgage Company is, “seeking bankruptcy court permission to walk away from 37 properties that borrowers have long since ditched,” according to The Wall Street Journal. The company, which is based on Ocala, Florida, stopped operations last year. They say the taxes on the properties are much higher than their actual values.
The company has properties in Birmingham, Detroit, Chicago, Jackson, Miss., Milwaukee, and St. Louis, writes the The Wall Street Journal.
If you or your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Attorney at Greenway Bankruptcy Law, LLC, for help today.