HURRICANE SEASON

With so many homes in foreclosure with no occupants, there lies a new menace. No shutters, no storm proofing or prevention whatsoever, means more flying projectiles, and possibly entire homes destroyed.

For banks and other lenders holding foreclosed properties, their present loss is the difference between the loan balance of the defaulted homeowner and the present value of the home itself. However, if the lender does not carry insurance and the home that stood on the property is blown away, that would be a catastrophe compounding a catastrophe.