Bofa Tries Turning Distressed Homeowners Into Renters

Bank of America is testing a mortgage-to-lease program in four states. The idea: Instead of evicting homeowners who face foreclosure, it lets them stay as tenants and sells the homes to investors.Unable to qualify for modifications on Bank of America mortgages, a few of California's most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead.

Topics:  bank   california   america   renters   distressed homeowners   stay   homes   
BING NEWS:
  • BofA close to $16-bn settlement with US regulators
    Of the total amount, around $9 billion will be paid in fines to the federal government, state and other government entities and the rest in relief to distressed American homeowners ... would represent a long-awaited turning point for BofA to surpass ...
    08/7/2014 - 8:38 pm | View Link
  • Fair housing groups turn up heat over BofA’s REO practices
    turning communities into neighborhoods of absentee landlords,” said Shanna L. Smith, president and CEO of the National Fair Housing Alliance, in a statement. “Bank of America is the second-largest commercial bank in the United States, and it has been ...
    09/26/2013 - 5:53 am | View Link
  • BofA tries home rental program
    Unable to qualify for modifications on Bank of America mortgages, a few of California's most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead. Testing a mortgage-to-lease program in the Golden State ...
    05/27/2012 - 1:12 am | View Link
  • BofA to offer rentals as foreclosure alternative
    Among requirements to qualify for the program, homeowners must have a BofA loan ... the surrounding community and curtail neighborhood blight by keeping a portion of distressed properties off the market," Sturzenegger said. Foreclosure tracking firm ...
    03/23/2012 - 10:40 am | View Link
  • Fannie Loses How Much? Comments on Home Ownership Priority and HUD's BofA Discrimination Suit
    Fannie Mae and Freddie Mac should be watching this one very closely ... (If you want to get in touch with Mr. Harvey, write to him at bharvey@triservllc.com. Turning to the markets, Europe has been relatively quiet and so we find our markets back to ...
    03/1/2012 - 2:50 am | View Link
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BING SEARCH:
  • AG Coakley Launches HomeCorps Program and Hotline
    For Immediate Release - April 25, 2012 AG Coakley Launches “HomeCorps” Program and Hotline to Aid Distressed Borrowers and Ease Foreclosure Crisis
    12/20/2014 - 7:28 pm | View Website
  • WRITTEN APPEALS BY AN AMERICAN HOMEOWNER TO BANK OF AMERICA
    March 28, 2009 – LOAN MODIFICATION OR RE-FINANCING LOAN. Addressed to: Dear Sir/Madame, Lodhia family has been residing at 4542 Outer Bank Drive, Norcross, Georgia ...
    12/20/2014 - 2:34 pm | View Website
  • Financial distress
    Financial distress is a term in corporate finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty.
    12/20/2014 - 10:09 am | View Website
  • How to find distressed real estate
    Morris Moinian, president of Fortuna Realty Group Shopping for distressed buildings isn't as easy as pointing and clicking through a listing service -- or is
    12/20/2014 - 5:02 am | View Website
  • Cerberus Capital Management
    Senior Executive Leadership; Senior Executives / Managing Directors; Heads of Investment Strategies; Senior Distressed Securities and Assets Team; Senior Private ...
    12/19/2014 - 8:19 pm | View Website
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