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Project: Buy on Foreclosed Homes List, Fix, Sell to Veterans

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By : John Cutts    99 or more times read
A project has been launched with a purpose to buy on foreclosed homes list, rehabilitate and then sell them at affordable prices to disabled veterans. This project is spearheaded by Northern Nevada residents, R.G. Smith and Jim Helsel. Both of them share a common passion of helping American veterans.

The two men said that they have found their destiny by purchasing foreclosure properties, renovating them and selling them at affordable prices to disabled veterans. Smith said that disabled veterans deserve to have their own homes, adding that the project is an opportunity for them to do something better and positive.

The 47-year-old Smith developed the Project Compassion last February. He recruited 49-year-old Helsel to the cause. Both of them plan to use their experience and connections in the housing market to make the nonprofit organization successful.

They applied for the nonprofit status of the organization which is expected to be approved soon. Once the project is underway, Helsel and Smith aim to have a nationwide operation, purchasing and renovating one foreclosed home every week across the country.

With their project, both men aim to turn the negative effects of foreclosure into something positive. Under the program, disabled veterans can apply for homeownership online. Basic qualification requirements include, having been injured following the September 11 terrorist attacks, assets of equal to but not less than $24,000 and do not have their own homes. Smith said that about 10,000 disabled veterans across the nation meet the requirements.

Employees involved in the project would search for foreclosure houses that fit the requirements and needs of eligible disabled veterans. They will then convince banks to sell the foreclosed properties to the project for $1. By allowing this tax-deductible donation, banks would be able to rebuild its image and change public perception after the bailout issue.

Helsel said that banks are not equipped to handle many foreclosed houses because they have a glut of these properties on their inventory.

Helsel and Smith will use volunteer labor and donated materials to rehabilitate the foreclosed home. Eligible veterans are required to give a monthly payment of $500 which goes to cover the cost of utility, electricity, water and other services.

The title to the property will be awarded to the veteran after five years of consecutive payments.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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