By 
Hundreds of Billions of Dollars in Foreclosures Still to Come
JPMorgan Chase has $ 43 billion. Bank of America has $ 54.6 billion of them. Wells Fargo? Well, they have $ 68.6 billion, while Citibank has $ 25.6 billion.
We are not talking about the amounts they have in investor accounts or IRA funds. We are talking about properties in foreclosure or with overdue mortgages.
That’s right, banks still have hundreds of billions of dollars’ worth of homes somewhere in the foreclosure process, which means an incredible amount of work yet to be done for all property preservation and disposal companies. foreclosure residue.
With the peak of the foreclosure crisis not yet close (September this year saw another monthly record broken with more than 100,000 new foreclosures), neighborhoods across America desperately need property preservation specialists.
And those in need of a new career in this still depressed economy need look no further than foreclosure waste as a way to generate some much-needed cash. One of the few real growth industries out there, property preservation – cleaning, repairing, and maintaining foreclosed homes – remains the biggest business foreclosure opportunity out there.
What happens when property preservation is not done promptly on vacant homes? Well, in Lynn, Massachusetts, you end up paying $ 30,000 for rat control. They’ve had an unprecedented number of four-legged rodents in recent months, and the city practically knows why.
“It’s driven by abandoned properties,” Inspection Services chief Michael Donovan said, referring to the foreclosure crisis. In Wyoming, they have even more animals to deal with when it comes to abandoned foreclosures – raccoons and crows tend to settle there, too.
Meanwhile, in Chicago, a multi-dwelling unit is finding that the lack of mortgage services on the ground hits closer to home. One unit of the building has been in foreclosure for two years: the former owner passed away a while ago and the rest of the residents have been forced to deal with the consequences.
For the past two years, the homeowners association has had to pay to keep the heat and water running in the empty unit so the pipes don’t break. Despite that expense and effort, a pipe broke in the bathroom. Mold ended up covering the floor, part of the kitchen, and much of the basement, where a giant mushroom farm took over the carpet.
“I only went down half the stairs to the basement when I had to stop,” said Matt Duffey, one of the building’s residents. “I was surprised by the stench of mold.”
America, there is a lot of cleaning to be done. And property preservation professionals are ready to do it.