How to Revitalize Neighborhoods With Foreclosed Homes
When banks foreclose on a home, the entire community feels the effects. Real estate values plummet in the neighborhood, as prospective buyers view the unkempt lawns and dilapidated homes of the foreclosed homes and opt to buy in other areas. Squatters sometimes move into foreclosed homes bringing a host of problems. Fortunately, neighborhood activists can work together to find ways to revitalize a neighborhood that's struggling with foreclosed homes.
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Instructions
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Post fliers about resources available to residents who face foreclosure. Many loan institutions, housing counselors, and community organizations will help individuals who may be facing foreclosure. Since many people don't want to discuss their stress publicly, it is helpful to let them know they can contact the necessary resources privately. They allows them to maintain their anonymity while they search for ways to maintain their homes and keep the neighborhood stable.
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Work with neighbors to create a neighborhood watch for crime and vandalism prevention. Keep tabs on vacant homes, so they can be given special attention until reoccupation.
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Find out about municipal laws regarding foreclosed homes. Some municipalities hold the mortgage company or bank which holds the title to a foreclosed home to be legally responsible for its upkeep. If this is the case, contact the City Attorney to alert them to any neglected foreclosed homes. Insist that these institutions fulfill their responsibilities to revitalize the neighborhood.
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Park cars in driveways of unoccupied homes and hang curtains in the windows so that the house looks lived-in. This will discourage vagrants and squatters and keep the neighborhood stable.
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Organize neighbors to maintain the lawn, clear trash, and tend to the exterior of the house. This can attract potential buyers which will help revitalize the neighborhood.
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Replace locks with deadbolts to prevent vagrants and squatters from moving into an unoccupied home. Once an unauthorized person moves into an unoccupied home, removing them becomes difficult, so work to prevent this from happening in the first place.
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Pool funds from neighbors, community groups and local municipalities to renovate and buy foreclosed homes. Resell them and divide the profit or invest it into further neighborhood rehabilitation projects. Alternately, obtain permission from the local municipality to tear the house down and create a community space.
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Check each foreclosed house for evidence of a property preservation company which has been hired by the mortgage company. A sticker on the home's door or window will indicate their involvement. Call them if situations of vandalism arise or if the house creates a neighborhood eyesore.
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