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Georgia Police Officers to Find Foreclosed Houses to Buy

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By : John Cutts    99 or more times read
DeKalb County, Georgia wants police officers to find foreclosed houses to buy. According to market data, about 7,000 properties in the county are in foreclosure, with many of them becoming eyesores in neighborhoods and haven to some criminals.

Industry experts said that many distressed homeowners lost their homes to foreclosure due to recession and unemployment. The county has decided to take matters into its hand by having police officers, fire rescuers and first responders to find foreclosed houses and buy them.

The county hopes to prevent crime in neighborhoods inundated by foreclosure homes by putting officers in said areas. The initiative will also prevent these foreclosure houses from becoming blights to neighborhoods by having people occupy them.

DeKalb County Chief Executive Officer Burrell Ellis explained that the high number of middle-class houses that are abandoned and vacant in several neighborhoods has presented an opportunity for the county to promote homeownership among police officers. Burrell Ellis said that there are many high quality properties on the county's foreclosure inventory.

The program to purchase foreclosure houses will be supported by a special fund. Eligible buyers will receive as much as $25,000 to be used for down payment, second mortgage or closing costs.

Eligible officers should meet certain program requirements, including staying at the house for not less than 5 years. The length of stay that buyers are required to fulfill will depend on the amount of money that they will receive.

Meanwhile, neighborhood watch groups and homeowners association are praising the initiative to have police officers buy foreclosure houses in severely affected areas. They said that it is a good opportunity for residents to see officers not just as law enforcers but as human beings who are doing their jobs.

Statewide, the number of foreclosure filings rose by 36.5 percent in August compared with the same month last year. Foreclosure filings may include notices of defaults and auctions and bank repossessions.

Georgia's foreclosure rate also rose by 7.3 percent in July, earning the state the ninth spot in terms of high foreclosure rates across the country. For the past months, the state ranked seventh among those with high foreclosure rates.

The increase suggested that potential buyers can still find foreclosed houses clogging the real estate pipeline despite the careful regulation of the outflow of bank-owned properties on the market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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