Bank-Foreclosed Properties Are Now Being Donated To Local Government Agencies Nationwide
If you are one of the people who have bank foreclosed properties, then you might want to know this news feed – banks who have repossessed your home or commercial property will not benefit at all from these properties because most of the repossessed properties will be demolished to make new buildings that can generate more income.
One of the banks that have more than 100 foreclosed properties is Bank of America. Some 100 houses are currently being demolished in Cleveland to make room for more real estate ventures – and the worst part of it all, it is a mandatory donation to the government – so these banks won’t earn anything.
The same story goes in places like Chicago and Detroit, who have donated 150 homes and 100 homes respectively – and it is projected that 9 or more cities around the area will do the same.
One of the reasons these foreclosed home properties are being donated to local government agencies is to make sure that the economy can have certain stability where home prices would not inflate as much as before. Besides, these properties are being paid by banks for property taxes and maintenance bills – so in a way, these banks are also benefiting greatly from it.
One of the banks that started all this was JPMorgan Chase – they have donated more than 1,900 abodes since 2008. Wells Fargo also joined the fray when they donated 800 homes since 2009. It will only be a matter of time before the Miami real estate and the lenders start donating their foreclosed home properties as well.
Florida Foreclosure Listings