Bank of America Mortgage to Lease program may be coming to Columbia SC

26 Monday Mar 2012

Posted by rozalynf in Columbia tell me what you think?

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bankofamericamortgagetoleaseprogramcolubiasc

Bank of America Mortgage to Lease program

Bank of America has announced a new pilot program that is suppose to help default home owners stay in their homes. This program has not been launched in Columbia SC yet. Bank of America’s innovative idea is designed to help foreclosed property by turning a homeowner into a renter and eventually sell the property to an investor as an appealing profit producing package. This is a highly innovative idea. They offer home owners a chance to sign a “deed-in-lieu” in foreclosure, and stay in their homes at a reduced rental rate for one year with a possibility of renewing the lease at the rate the bank determines. Giving the bank a tenant to maintain the property and time to hope that the market rebounds and they can get more equity for the property. To read the full article click below.

http://www.cnbc.com/id/46829774/Bank_of_America_Getting_Into_the_Landlord_Business

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1 thought on “Bank of America Mortgage to Lease program may be coming to Columbia SC”

lasvegasrealestate4u said:

March 30, 2012 at 2:12 am

There is absolutely nothing innovative about this program…

I just received a B of A short sale approval and the seller can’t stay in the home and be my investor’s tenant paying fair market rent.

The seller has to move out as part of the terms of the short sale. The B of A lease program is all about the investment numbers making sense to where they profit off of keeping the delinquent sellers as tenants and sending the rent check to them.

Real estate professionals should be outraged at this program where the Banks are going to own real estate and be landlords. All created because the Federal Reserve lends Trillions to the banks at a next to zero interest rate…

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