Bank of America starts foreclosure rental program

Mar 23, 2012 Full story:

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.

Full Story

Toronto, Canada

#1 Apr 3, 2012
Bob S

Louisville, KY

#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.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Foreclosures Discussions

Title Updated Last By Comments
Western Massachusetts Labor Action continues it... (Jun '08) 1 hr Robin 37
22News I-Team: A Springfield mom rents a home t... (May '08) 19 hr The Bounty 46
Country Charm up for sale (May '09) Nov 18 jim 21
Wary of home ownership, percentage of first-tim... Nov 4 davidlichtenstein3 1
To refinance home loan, navigating paperwork an... (Jun '09) Oct 31 SandyWilliams 53
Storm damage hurt business, attorney says (Jul '13) Oct 30 Michael2327 5
Muni market full of buried treasures (Mar '08) Oct '14 Northside Neuman 3

Foreclosures People Search

Addresses and phone numbers for FREE