Posted by 101livescan on 3/26/12 9:26am
Msg #416031

Deed in Lieu of and BofA's Rental Progam

This is the first of articles I've seen about the banks' rental programs and allowing the defaulted borrower to stay in their homes as renters. The properties will be sold to investors. Wonder which companies will be handling the escrow/settlements of these purchases by investors.

http://www.suntimes.com/business/11489245-420/bank-of-america-starts-foreclosure-rental-program.html?goback=%2Egde_114687_member_103211434

Opens up a whole new inventory market.

Reply by Luckydog on 3/26/12 4:46pm
Msg #416123

They do this is FL all the time. All's it mean's is after the foreclosure, instead of them doing an eviction through the courts to get them out, they let them stay to keep up the property and show it when they have an interested buyer. In some cases I even heard the bank pay's the tenants to leave, rather than go through a messy eviction and damaged property. They in essence live for free, and do not pay rent. Perhaps legal squatters in a way?