mortgage: BofA to test new Foreclosure Pilot Program
- 03/24/12 05:10 AM
Bank of America has started a new foreclosure/lease program where they will allow some delinquent home owners transfer title back to BofA (forgiving their mortgage) and in return,BofA will lease the home back to the owner at or below market rents for up to 3 years. In my opinion, this "Mortgage to Lease" pilot program will never work and is merely a way of trying to regain favor in the public eye. Why do I think it will never work? The same reason why "Deeds in Lieu" are never a successful (and rarely sought after) alternative to foreclosure. The typical person … (2 comments)
mortgage: Robo Signing Settlement may Release a Backlog of Foreclosed Properties.
- 03/11/12 07:14 AM
The $25 billion robo signing settlement was reached with 5 banks recently, but what effect is this really going to have. For most of us, nothing. But even for those who will receive payment from the settlement it will be very minimal. However, this will have a hugh impact on the market. These banks are most likely getting ready to release a ton of foreclosures on the market that were previously unreleased because they were tied up in this litigation. Now that they have settled, and they know that they can move forward with the foreclosures, get ready, If you are … (6 comments)
mortgage: Life in the Tranches
- 11/09/11 02:08 PM
Foreclosures and Wall Street - while their are few more polarizing terms these days, few are more popular as well; with Wall Street bringing in 5,000,000 Google hits a month and foreclosure bringing 3,350,000. Wall Street and foreclosures are, to say the least, good issues to discuss in your blog. But, outside of being popular headlines in the news (and good blog words), is there a link, correlation or at least a relationship between the two? (A rhetorical question, which you will find is a common theme in my blogs) First let me say; I am in no way an expert on Wall Street … (0 comments)
Bank of America has started a new foreclosure/lease program where they will allow some delinquent home owners transfer title back to BofA (forgiving their mortgage) and in return,BofA will lease the home back to the owner at or below market rents for up to 3 years. In my opinion, this "Mortgage to Lease" pilot program will never work and is merely a way of trying to regain favor in the public eye.
;)
;)
