fannie mae foreclosures porter county indiana

Abatemarco said.ĭemolishing all of Cleveland’s foreclosed and abandoned properties might cost US$250-million, Frangos said. lenders, is part of the Washington-based nonprofit trust’s pilot program that starts in late August to provide funds for purchases in distressed neighborhoods, and the money can be used toward demolition, Ms. The New York- based company, ranked third among U.S. The majority aren’t demolished, he said.Ĭitigroup has been donating foreclosures since 2008 through the National Community Stabilization Trust, according to an e- mailed statement from Natalie Abatemarco, managing director for the bank’s office of homeownership preservation. bank, has donated or sold at a discount almost 1,900 properties valued at more than US$100-million in more than 37 states since late 2008, including 22 in Cleveland, said Jim O’Donnell, manager of community revitalization. “Holding on to a property that might sell for US$1,000 or US$2,000 or US$5,000 for several hundred days is not in anybody’s best interest.” “It’s an economically justifiable transaction,” Mr. Cleveland is the only city where Washington-based Fannie Mae contributes $3,500 toward demolition, Mr. McCarthy, who heads alternative disposition programs.įannie Mae sold 200 foreclosures to the Cuyahoga organization in 2010 and has similar programs in Detroit and Chicago. conservatorship, made its first deal with the Cuyahoga land bank in 2009, and sells houses to the organization at a “very nominal value,” or about US$1 and an additional US$200 in closing costs, said P.J.

Since 2009, Wells Fargo made more than 800 donations, the bank said.įannie Mae, the mortgage-finance company operating under U.S. home lender, gave 26 properties and US$127,000 to the Cuyahoga land bank, said Russ Cross, Midwest regional servicing director for Wells Fargo Home Mortgage. San Francisco-based Wells Fargo, the biggest U.S. Wells Fargo and Fannie Mae already started donating houses and demolition funds in Ohio. The state has 71,617 foreclosed homes, Cuyahoga County 9,797 and Cleveland 6,778, RealtyTrac said. Ohio ranked among the top 10 states with the most foreclosure filings in June, according to RealtyTrac.

Simon declined to say how many foreclosed properties Bank of America holds.

Uses for the land include development, open space and urban farming, according to the statement. The lender will pay as much as US$7,500 for demolition or US$3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. The bank announced the Cleveland program last month, has committed as many as 100 properties in Detroit and 150 in Chicago, and may add as many as nine cities by the end of the year, said Rick Simon, a company spokesman. Article contentīank of America had 40,000 foreclosures in the first quarter, saddling the Charlotte, North Carolina-based lender with taxes and maintenance costs.

This advertisement has not loaded yet, but your article continues below. “The best thing we can do to stabilize the market is to get the garbage off.” The prospect of those properties flooding the market has depressed prices and driven off buyers concerned that housing values will keep dropping.“There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. and Fannie Mae are conducting or considering their own programs.ĭisposing of repossessed homes is one of the biggest headaches for lenders in the U.S., where 1,679,125 houses, or one in every 77, were in some stage of foreclosure as of June, according to research firm RealtyTrac Inc. The bank has similar plans in Detroit and Chicago, with more cities to come, and Wells Fargo & Co., Citigroup Inc., JPMorgan Chase & Co. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property.

Fannie mae foreclosures porter county indiana