BABYLON, N.Y., April 16, 2018 /PRNewswire/ -- The Town of Babylon and other villages in Suffolk County and throughout the state are generating additional revenues and improving their respective mortgage-default landscapes thanks to a continuing property registration partnership with ProChamps.
The collaboration between the town and the Melebourne, Fl.-based company, a subsidiary of Community Champions, began in 2016. Industry experts at property registration ordinances, ProChamps has teamed with Babylon for a persuasive blue print that accelerates compliance of banks that hold title to properties in pre-foreclosure and mortgage-default, into registering those properties and submitting annual registration fees to local governments.
The net result, outlined in a recent Newsday article by Denise Bonilla, illustrates Babylon, as well as other villages and municipalities throughout New York, are not only increasing property registration compliance, but generating substantial local revenue to general budgets. Equally important, effective property registration management provided by ProChamps, offsets the cost of default property management as well. The registry serves as a key component in identifying and communicating with legally identified property ownership, regardless of whether the subject properties are occupied or vacant.
And because banks and other mortgage holding entities often "flip" properties in the foreclosure and mortgage-default process, ProChamps' tracking and monitoring tools provide partnering local governments with the latest contact and ownership information. This expertise crystalizes timely ownership identification, expedites registration and submission of fees, and financially encourages banks and others to maintain properties and not let them fall in to eye-sore states of disrepair as they work their way through the foreclosure process.
The most recent steps taken by Babylon and ProChamps have been to increase registration fee submission from an annual to bi-annual timetable. Since the program began last year, Babylon has netted more than $172,000 as its 50-50 share in revenue with ProChamps from slightly more than 1,700 properties subject to the registration ordinance.
Tom Darnell, Managing Director of parent company Community Champions, labeled the collaboration of Babylon and ProChamps as a perfect example of a mutually beneficial public-private partnership.
"Zombie properties can stain the landscape—ProChamps has been partnering with communities throughout the US and I am very proud of the collaborative expertise they are providing government and communities throughout New York. The PROCHAMPS organization is the cornerstone of our Community Champions family."
In addition to partnering with Babylon, ProChamps works with more than 200 local government entities around the United States in tracking and monitoring mortgage-default filings and ensuing evidence distress and/or vacancy.
SOURCE Community Champions