Bank of America, Foreclosure Or Rental ?
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Bank of America, Foreclosure Or Rental ?
Bank of America has a great new, well kinda new idea. It was tried by Fannie Mae and it just didn’t work. Here is the deal, people that just have no way to get their mortgage fixed for what ever the reason. Lost income, lost their job, health issues, what ever now have this new option. It’s an experimental program in Arizona, New York and Nevada.
People get to give Bank of America their deed to their house and then pay rent to Bank of America for three years. Wow what a great idea!!! Now people get to help Bank of America keep those foreclosed homes from being ransacked when vacant. Keep the foreclosed owner form removing everything from the inside. Yes, we have all heard stories of people leaving and pretty much taking everything with them. Stove, refrigerator, cabinets and what ever else they can. I’m not saying that’s the right thing to do, by no means. All I’m saying is I don’t really blame them, do you?
Does Everyone Have To Go Along With The Bank of America Program ?
I know many people that were frustrated with the last making homes affordable program. Many, after several months and repeated calls, were asked to forward the same paperwork that was already given. Wait a few more months only to find you were either turned down or saved only minimal amount on the monthly mortgage payment. I think that’s why The Wall Street Journal noted, the robo-signing debacle that brought attention to unlawful foreclosures has made the process of redeeming properties tougher. The program might also save the bank from potentially big losses. And in terms of the broader economy, it could help stabilize prices by keeping properties off the already over supplied for-sale market. That would make everything look a little rosier from the outside. It’s just a shame they can’t work with people to help them keep the American Dream alive. One way to do that with so many loosing jobs is to plan working from home. In the midst of record unemployment, start-up companies are a major contributor to job creation. That would help keep the thought that one way or another people are going to make a concerted effort to maintain there life style.
Who Is This Really Good For The Home Owner Or Bank Of America
Just wondering if your thinking the same thing I am? Bank of America has everything to gain here and not really much to loose. I see that Warren Buffett is talking about a way to buy single family homes, not just one at a time. Group a bunch together and you’ll have your own little neighborhood. Good idea? I don’t think so, many rental homes are not as well kept as private, and for good reason. The people that rent don’t own so why worry. It will be devastating for some neighborhoods others may manage, pending on how many are in each area. These areas will be owned by investors that hardly care about the community they just invested in. Have a look….
I am very curious what you think about a program like this. If you are in foreclosure, would you consider this option?
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