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Earlier this week I read that Bank of America is testing a pilot program that enables troubled home owners to lease their houses from the bank at market rent as an alternative to foreclosing on home owners. Any thoughts?
This won't amount to anything. Political feel good BS from our socialist left wing President!
Acquiring properties is what we investors need to pay attention to! Everything else is just a distraction.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
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http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
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Hello Michael,
I love it, Finally someone speaks up! And I agree stay on point and, do not
pay attention to B.S. keep focused on the prize!!
Great Comment,
Denver
"Do, or do not. There is no 'try'"
------Yoda
Think, say and do what is right; refuse to think, say or do what is wrong.
I heard the news report and they are considering the lease to rent for up to 3 years to allow the homeowner to stay in the home but and only if the homeowner does the "deed in lieu" of on the property back to the bank. This way they still make money and the home does not just sit and get vandalized. Once the bank starts the foreclosure it does not stop unless the homeowner files bankruptcy and then a payment plan gets set up and a trust is established. All of the homeowners income goes into the trust and the trust pays the homeowners bills. The homeowner has to qualify for the bankruptcy. If not, well they can do the "deed in lieu" of the property back to the bank or take a short sale. Or pay all past due to bring the note current plus other fees legal and attorney.
This is per an attorney I spoke with earlier this week. Very few homeowners will see any of the settlement money. Much is going on behind the scene that the everyday American will never know about.
Its election year so Obama has to do what he can to get re-elected. Not by me.
link is broken...
but I did hear about the program; it's nothing new; banks/Fannie/Freddie have already been offering this alternative to homeowners who are being foreclosed; the banks take back the homes, rent them to the homeowners until they can find a new buyer... a win/win for the BANKS!!!!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...