Real Estate: Major Banks May Give Away Discarded Residences to Cut Losses

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By Steve Bennish
City officials are in preliminary talks that could lead to donations of foreclosed and abandoned properties from the banks holding the mortgage loans. Negotiating for an exit strategy from the mortgage meltdown, representatives for a foreclosed properties servicer that works with major banks met Monday with Dayton city officials to discuss the abandoned properties. How the early discussions will shake out is unknown, but a potential outcome includes transferring some properties clogging up bank balance sheets to a land bank or some other public entity, a move that occurred earlier this year in Chicago.In May, Bank of America announced a collaboration with the city of Chicago and a community group to give away 150 vacant and abandoned properties in and around the city. A bank spokesman said the bank agreed to pay as much as $10,000 per home for demolition, according to the Chicago Sun-Times. “Unfortunately, many homeowners faced with unemployment, underemployment and other economic hardships, have transitioned to alternative housing situations, and in many cases have walked away from their homes, leaving behind vacant and deteriorating properties that can cause neighborhood blight,” a Bank of America statement said in May.

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