Detroit Land Bank Helps Residents Stop Foreclosure

by San Antonio Attorney

Almost 100 residents in Detroit were given a chance to save their homes from foreclosure through the buyback program of Detroit Land Bank.

The initiative helped people whose homes were foreclosed or renters who were facing eviction.  The program made it possible those families to return in their homes.

LaTonya Smith restored legal ownership of her home with her son.

Smith’s home was foreclosed after his son developed cancer, and she was hit with Crohns disease and became unemployed.

The buyback program also helped renters who are purchasing the property they were renting.

Under the program, the homeowners are going to pay $1,000 and continue paying the taxes by depositing every month in an account.  They are also required to attend a course on financial skills and house maintenance so that they become better owners of the property.

Lowe’s Home Improvement and Home Depot are offering assistance to homeowners like Smith, who is excited to have a new door.

In Detroit, there are about 4,000 residents who need assistance from the Land Bank.

Last year, Detroit Land Bank became an accidental landlord.  More than 4,000 of its properties are occupied by residents.

In some cases, it is a previous owner who lost the house to foreclosure.  Others were tenants who were left in limbo when their landlord abandoned the property.  And still others are squatter.

One of Land Bank’s programs was selling the houses to those residing in them for just $1,000 each.

Many homeowners who are facing a possible foreclosure do not have the option to sell their homes since their equity seems to have vanished.  A good start to deal with this type of problem is to talk with a Real Estate Attorneys San Antonio.

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