Monday, April 13, 2009

NeighborWorks Member Leads Effort to Reclaim Neighborhoods with Large-Scale Purchase of Defaulted Mortgages

HANDS, Inc., a member of the NeighborWorks America network, will purchase the defaulted mortgages on 47 vacant homes in the greater Newark, New Jersey area. The bulk purchase of mortgages expected to foreclose is the first large-scale purchase in the nation by an alliance of nonprofit organizations. All of the homes are vacant and abandoned, and most are deteriorated, contributing to blight in their surrounding communities.
Read news release.
View photos of the vacant properties

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