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 ... a long-awaited turning point for BofA to surpass the legal issues ...
    08/7/2014 - 8:38 pm | View Link
  • Fair housing groups turn up heat over BofA’s REO practices
    “Every day Bank of America continues to neglect homes it owns in communities of color and prices decline, allowing investors to snatch up these foreclosures, turning communities ... affect home values and wealth of homeowners in communities of color ...
    09/24/2013 - 9:00 pm | View Link
  • New Bank of America whistle-blower emerges: More customer abuse secrets
    The result would be to leave struggling homeowners back at square one ... As detailed by an insider at Bank of America in a packet of documents, in January 2013, BofA sold servicing rights to 650,000 mortgages (worth $93 billion) to the parent company ...
    06/28/2013 - 8:30 am | View Link
  • The Zacks Analyst Blog Highlights: Citigroup, Bank of America, JPMorgan Chase, Wells Fargo and U.S. Bancorp
    However, this was turning out to be costly and time-consuming affair ... in the long run it will be a relief for the banks. Further, the distressed homeowners would also be benefited. We are hopeful that like the earlier foreclosure settlement deal ...
    01/9/2013 - 6:44 am | View Link
  • Foreclosure Mess Finally Resolved
    However, this was turning out to be costly and time-consuming affair ... in the long run it will be a relief for the banks. Further, the distressed homeowners would also be benefited. We are hopeful that like the earlier foreclosure settlement deal ...
    01/8/2013 - 7:20 am | View Link
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BING SEARCH:
  • Top-selling Minnesota Realtors shift away from distressed ...
    When the recession hit and many real estate agents quit the business, Jason Stockwell’s sales kept going up. His strategy was basic: Follow the market.
    06/1/2015 - 3:27 pm | View Website
  • Bank of America Charitable Foundation funding opportunities
    Learn about the charitable foundation funding opportunities through Bank of America and find out more about the company's funding priorities.
    06/1/2015 - 3:53 am | View Website
  • International Financing Review
    IFR is the world’s leading source of capital markets intelligence, and has been for nearly 40 years. It provides senior investment banking decision-makers with ...
    06/1/2015 - 1:01 am | View Website
  • Bank of America Foreclosure Shenanigans? | naked capitalism
    About a week ago, I got this message from a reader: I heard a rumor from a very well placed source that BOFA will foreclose 500,000 houses over the next 10 months.
    05/31/2015 - 11:49 pm | View Website
  • Loan Modification and Mortgage Foreclosure Scams
    A federal court has halted an alleged sham operation that took money from financially distressed homeowners and simply kept the money rather than forwarding it to the ...
    05/31/2015 - 3:42 pm | View Website
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