On December 9th, 2011, Bank of America announced that it is currently working on a program to rent back foreclosed homes to the borrower wrote Jon Prior of housingwire.com. 

Ron Sturzenegger, the head of asset servicing division explained the program.

 "We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant. 

We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease. We would go to the customer and say, 'We'll do a short sale. Will you be interested in leasing your property back? We're still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on".

Bank of America will still sell the home, but in markets where there are an over abundance of bank owned and distressed properties this would keep homes occupied, landscaping and homes maintained and avoid homes being unoccupied for years. 

"We already have the infrastructure and assets in place to participate effectively," he said. "Everyone is waiting on final direction from the FHFA(Federal Housing Financing Agency)."

Sturzenegger stressed the private program at BofA is in its infancy.

"It's in the very early stages," he said.

Click here to read the housingwire.com article

 
Posted by Julie Millett on 12/15/2011 05:42 PM   Comments (2)   Bank of America a Landlord? in the Mortgage / Finance Channel  
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Julie Millett

Julie Millett- Luxury Home Real Estate Agent

St George, UT

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