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Released: April 02, 2013

One man’s fight against foreclosures in Carpentersville

Source: Les Christie, CNNMoney

Over the past several years, the 60-year-old president and co-owner of the town's largest employer, a maker of switches and communications gear called Otto Engineering, has bought 193 foreclosed homes, completely rehabilitated them and is either selling or renting them at a discount to local residents.

Tom Roeser's crusade to save this small Northeastern Illinois town started in 2005, soon after a townhouse condominium complex located about two miles from his factory was hit hard by foreclosures and started spawning crime -- graffiti, gang tagging, property destruction.  So Roeser proceeded to buy 69 of the foreclosed condos in the complex himself. Most of the homes he's bought at auction for less than $30,000, then fixed up. Today, he rents out a renovated 800-square-foot, two-bedroom apartment for $675 a month, about $200 below market value.

Roeser also provides financing for buyers with low credit scores and gives $10,000 discounts for returning war veterans.

Read Full Article: One man’s fight against foreclosures in Carpentersville