Nonprofit Groups Restore Foreclosed Houses

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Associated Press has posted an article about a new development in Arizona that allows nonprofit groups to snag foreclosed houses- for free or a discount rate- before banks.

Nonprofits like the group Rebuilding Together get the houses for very low cost and then do renovations or repairs and then sell the homes in an effort to stabilize Phoenix neighborhoods with several vacant homes that were foreclosed on by banks.

“It’s an unfortunate situation, and that’s why we really take a conscious effort to work with our partners to ensure that we can have some good stories at the end of this unfortunate equation,” O’Donnell said. “Through these programs, we put what I call this protective umbrella over these affordable homes so that first-come first-served nonprofits can get access to them to ensure they get turned back into the hands of the community.”

The government announced in September as many as 100,000 foreclosed houses will join the nonprofits’ programs to restore neighborhoods through renovating houses, which then ups the home’s value. The program started in 2008 and so far about $7 million has been spent on it.

If you would like more information on foreclosures, please check out our articles The Three Stages Of Foreclosure In Alabama and Wrongful Foreclosures In Alabama.

If you have further questions or concerns, feel free to contact us through our website or by calling 205-879-2447. You may also obtain a copy of our free book on stopping wrongful foreclosures and the problems of hidden fees by emailing us.

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