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Operation Neighborhood Recovery (ONR)
Bulk Purchase of Defaulted Mortgages in The Newark, NJ Area
By purchasing 47 mortgages, HANDS, Inc. is dealing with the neighborhood fallout of the foreclosure crisis – homes deteriorating and bringing down neighborhood quality of life. By intervening in the neighborhoods of greater Essex County, HANDS will minimize the destabilizing influence of foreclosed properties. HANDS negotiated with one lender to purchase a group of mortgages associated with a large real estate fraud and subsequent bankruptcy. All of the loans are on vacant properties, in serious default where foreclosure proceedings had not yet been initiated. Since many of these properties are in and around HANDS’ neighborhoods, we hoped to ensure that they didn’t deteriorate further and wanted to quickly return them to productive use. HANDS purchased the 47 mortgage loans and will foreclose and expeditiously clear title to all the properties. HANDS will manage and maintain the properties during the title clearance period. Once title is cleared, HANDS will quickly move to implement its development strategy. The concept of ONR has led to the creation of the Community Asset Preservation Corporation (CAPC).