Maley said he hopes to be negotiating with banks in three to four months. Right now, the three graduate students are analyzing municipal data to identify abandoned and foreclosed homes in the area. “You need that life, you need a family in there, you need that community life that keeps the neighborhoods what they are.” It’s a little demoralizing to see that there’s properties that are empty,” Maley said. “It affects the fabric of the community, as well as the physical affecting the property values in the area, the look of it. The six towns estimate that among them there are more than 500 abandoned or foreclosed properties, which can go from beautiful to blighted in a matter of months. “And we want to get this so we can get them back on the rolls.”īanks would be able to multiply their money, and towns could unload several abandoned properties at once. We’ll make the price realistic,” Maley said. We’ll help you market them, we’ll offer some incentives. And we want to work with you to get them back into use. “Here are 25 properties in these three towns. The idea is to make it worth the bank’s while to sell abandoned and foreclosed homes by bundling a few dozen of them together, increasing the bank’s profit margin to a higher level than if it were selling only one or two properties.įor example, a bank may not care too much about a foreclosed home with a $100,000 mortgage, but 15 or 30 $100,000 mortgages would add up to quite a lot.Ĭollingswood Mayor Jim Maley is already working on his pitch to the banks.

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Foreclosures haddon township nj