Bank of America starts foreclosure rental program
Bank of America has launched a pilot program that will allow some homeowners at risk of foreclosure to become renters and stay in their homes.
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#1 Apr 3, 2012
#2 Apr 12, 2012
The rental agreement that the previous owner, now tenant, will sign will be a contract that the local judges can and will enforce. The bank will get some immeadiate cash flow, but will also become subject to local property inspections, taxes, and repairs. I don't see how BA can make repairs timely. I don't see Bank of America running there bank correctly and don't expect them to be good absent landlords.
I would expect this to be a waste of taxpayer money. Why not add the missing payment to the end of the existing loan? Because BA does not really have the loan documents, but can get a summary judgement to take the house.
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