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AP: Banks hire companies to fix up abandoned homes for resale

Associated Press - February 24, 2008 11:25 AM ET

BROOKLYN HEIGHTS, Ohio (AP) - As the wave of housing foreclosures continues to sweep the nation, banks are hiring companies to fix up abandoned properties.

Mortgage field service companies help prevent empty homes from falling into disrepair by draining pipes, mowing lawns and cleaning the interior. Banks hope to keep vandals away and prevent expensive structural damage.

Safeguard Properties Inc., based in Brooklyn Heights, serviced about 2,000 houses in northeast Ohio in September and October. The company offers remodeling, repair and cleaning services.

Safeguard Chief Executive Robert Klein says its clients want to maintain neighborhood property values and attract prospective homeowners.


Information from: The Plain Dealer, http://www.cleveland.com

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.