| By :
Frank Patrick
Hundreds of Billions of Dollars Worth of Foreclosures Still to Come JPMorgan Chase has $43 and a half billion of them. Bank of America has $54.6 billion of them. Wells Fargo? Well, they've got $68.6 billion, while Citibank has $25.6 billion. We're not talking about the amounts they're holding in investor accounts or IRA funds. We're talking about properties in foreclosure or with mortgages past due. That's right, the banks still have hundreds of billions of dollars worth of homes somewhere in the foreclosure process - which means an incredible amount of work still to come for all property preservation and foreclosure trashout companies. With the peak of the foreclosure crisis still not at hand (September of this year saw yet another monthly record shattered with over 100,000 new foreclosures), neighborhoods all across America are desperately in need of property preservation specialists. And those in need of a new career in this still-depressed economy need look no further than foreclosure trashouts as a way to generate some much-needed cash. One of the few real growth industries out there, property preservation (the cleaning, repairing and maintaining of foreclosed homes) continues to be the biggest foreclosure business opportunity around. What happens when property preservation isn't promptly performed on vacant homes? Well, in Lynn, Massachusetts, you end up paying $30,000 for rat control. They've had an unprecedented number of the four-legged rodents in recent months - and the city pretty much knows why. "It's driven by abandoned properties," said Inspectional Services Chief Michael Donovan, referring to the mortgage foreclosure crisis. In Wyoming, they've got even more animals to deal with when it comes to abandoned foreclosures - raccoons and crows also tend to make their homes there. Meanwhile, in Chicago, a multi-residential unit is finding that a lack of mortgage field services hits closer to home. One unit in the building has been in foreclosure for two years - the former owner passed away awhile ago and the rest of the residents have been forced to deal with the aftermath. 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 didn't burst. In spite of that expense and effort, a pipe broke in the bathroom. Mold ended up covering the floor, part of the kitchen and a lot of the basement - where a giant mushroom farm took hold in the carpet. "I only got half-way down the stairs to the basement, when I had to stop," Matt Duffey, one of the building's residents, said. "I was blown back by the stench of mildew." America, there's a lot of cleaning up to do. And property preservation pros are ready to get it done.
|
![[Valid RSS feed]](http://www.articlesbacklink.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
