Bank of America starts foreclosure re...

Bank of America starts foreclosure rental program

There are 2 comments on the Cleveland.com story from Mar 23, 2012, titled Bank of America starts foreclosure rental program. In it, Cleveland.com reports that:

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.

Join the discussion below, or Read more at Cleveland.com.

Mike

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
News Con man ordered to pay $60,000 in restitution (Apr '11) Aug 22 Simone Stewart 2
News End of legislative session laws a " Zombie Prop... Jun '16 Mos-A 1
News Local real estate market on the rebound? (Sep '09) Jun '16 voteforBernie 21
News 22News I-Team: A Springfield mom rents a home t... (May '08) May '16 Dirtbags 50
News The property at One Selleck St. in Norwalk Conn... May '16 It Is That 1
News 'We need an outsider like Trump,' says this two... Apr '16 Too Stupid 5
News Shooing squatters (Jan '08) Apr '16 Jeffrey Irvine 611 8
More from around the web