subject: Bank Of America Foreclosure Rental Pilot Program [print this page] Last week, Bank of America began its new pilot program that allows those who need help with foreclosure to begin renting and stay in their homes.
The pilot will include, total, about 1,000 homeowners from Arizona, New York and Nevada who will then transfer the title of their homes back to BofA and have their mortgage debt forgiven.
The homeowners can rent the homes for up to three years at or below their areas market rental rate. The rental payments will be less than the borrowers mortgage payments, the bank said in a Yahoo News article. And they will not have to pay property taxes or homeowners insurance.
The program is a Deed in Lieu of foreclosure, in which the homeowner in Mortgage Default transfers the title of their home to the bank, only; in this case, they are allowed to begin renting the same property.
Foreclosure surged across much of the nation last month, the foreclosure fraud settlement was finalized, and this seems to be an attempt for Bank of America to make up for its reported fraudulent practices along with many other lenders throughout the U.S.
Soon we will see the outcome and if the program will stick and be offered to the many other hurting homeowners in need of Mortgage Rescue.
Call The Foreclosure Law Center today, for a FREE consultation. 1-888-600-5505
Economic Recovery Would Probably Go Smoother Without ED DEMARCO:
The single largest obstacle to meaningful economic recovery is a man who most Americans have probably never heard of, Edward J. DeMarco, said Peter S. Goodman, Business Editor at The Huffington Post.
Ed DeMarco is director of the Federal Housing Finance Agency (FHFA) where he oversees all Fannie Mae and Freddie Mac activity. His refusal on principal reductions has caused uproar and thoughts that he does not have the best interest of homeowners in need of help with foreclosure in his agenda.
Homeowners are heading into mortgage default left and right and property values are plummeting, leaving much of the country in need of mortgage rescue.
DeMarcos refusal on principal reductions has ensured that tens of millions of borrowers remain underwater, Goodman said.
Elijah E. Cummings, of the 7th congressional district in Maryland, seems to share Goodmans views on a smoother economic recovery without DeMarco.
The foreclosure fraud settlement is predicted to barely help a fraction of those in need of help with foreclosure. DeMarco isnt helping make any progress either. Whats the next step forward?
Call The Foreclosure Law Center today, for a FREE consultation. 1-888-600-5505
