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 Merrill Lynch Global Research Report Says Remodeling Activity Signals Upturn in the Home Improvement Industry
    Industry surveys show that more than one-third of distressed properties sold in 2012 went to investors, who make home improvements to re-sell or rent a property. 2 Although homeowners still struggle with debt and restricted access to credit, many have ...
    08/27/2012 - 3:41 am | View Link
  • BofA Give-Away Has Few Takers Among Homeowners: Mortgages
    has about 50,000 people working to help distressed homeowners. Borrowers have lost faith in Bank of America and other servicers, said Lisa Sitkin, managing attorney at Housing and Economic Rights Advocates in Oakland, California. Those seeking ...
    07/11/2012 - 5:13 am | View Link
  • BofA: The New Landlord
    Last week, Bank of America Corporation (BAC) announced its ‘Mortgage to Lease’ initiative, allowing the distressed customers (related ... Arizona and New York and only about 1,000 homeowners will become a part of this program. BofA further stated ...
    03/26/2012 - 9:00 am | View Link
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BING SEARCH:
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    A blog devoted to distressed debt investing and distressed debt analysis. Distressed debt news, concepts, research, and case studies will be presented
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  • Home | The Global Ambassadors Program
    ABOUT The Global Ambassadors Program. Women are. a force for driving economic, political and social change. The Global Ambassadors Program, a Vital Voices and Bank of ...
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  • 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.
    01/25/2015 - 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.
    01/23/2015 - 11:52 am | 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 ...
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