Child of Necessity or Mother of Invention It s as if the brains that run Bank of America awoke one morning and realized that several hundred thousand mom and pop investors were making good money on the very assets on which they had lost billions. After losing thousands of on every mortgage that went bad, nba jerseys then foreclosing and losing even more in carrying, maintenance and repair costs, banks have ended up selling what was left at serious discounts to buyers willing moncler womens ski jackets sale to pay cash for an additional discount. Maybe the little guys have a lesson to teach: Buy em for a song, fix em up and rent em out until times get better. Then sell em at full price. Since B of A already owns the properties and has a tenant in place, what could be simpler? The event that sparked this Eureka moment in Charlotte was not the explosive growth of distress sale purchases by individual investors in recent years. It was the realization that the release into hundreds of local markets Moncler Women for coats noisette Real fur collar black of B of A s share of the 1.6 million property shadow inventory backlogged by robo signing mess and soon to be freed by the multi state AG agreement, coupled with expedited processing new defaulting properties is going to produce even greater losses for B of A s shareholders. That s because the odds are pretty good that the leading lenders will be not able to parcel out the backlog without wreaking havoc in America s fragile, stabilizing markets. With more REOs to sell than most, B of A would moncler on line be one of the biggest losers when markets tank. So it seems that the decision to go into property management was most likely born not of invention but necessity. Nor was the decision a surprise. Following the launch of FHFA s pilot program to sell foreclosed Fannie and Freddie properties in bulk for investor to rent out, many have assumed that major private servicers would do the same as a way to avoid multi market price implosion. The idea of turning defaulting owners into renters in place is also not new, but an interesting twist based moncler neiman on the success individual investors have achieved and qualifies the biggest bank in the nation for Bigger Pockets membership. However, the fine print makes clear how limited the pilot will be. Homeowners won t have a say in whether they get to participate in the program. Participants will be preselected to "transition to tenant status." Fewer than 1,000 customers will be invited to participate in the first phase of the pilot. Initial outreach has begun to preselected customers in test markets in Arizona, Nevada and New York. Among the prospective Moncler Mens classic T-shirt wiht color army green participants must: Be delinquent for more than 60 days. Have exhausted modification solutions or have not responded to alternatives to foreclosure, including short sale and deed in lieu. Have high loan balances in relation to their current property value. Face considerable risk of ultimate foreclosure. Have no junior liens. Still occupy the home. Have adequate income to make an affordable rent payment. In its announcement, Bank of America raised as many questions as it answered, escpeially regarding its future intentions. "Our priority is designing a solution that helps our customer," said Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, in the company s press release. "If this evolves from a pilot into a more broadly based program, we also Moncler Women Down Coat Long Black see potential benefits from helping to stabilize housing prices in the surrounding community and curtail neighborhood blight by keeping a portion of distressed properties off the market." How will tenants, properties and neighborhoods be selected? What happens when a tenant defaults on a lease or moves? Will the property be re let or sold? What criteria will determine when the property will be sold? Is a lease purchase option in the offing? Will other lenders follow the leader s lead and soon will a significant portion Moncler Down coats with zip Women black of the shadow inventory be under lease? Finally, is this a temporary, stop gap plan to manage the release of B of A s backlogged inventory or is it a prospective new venture and profit center? Or with its tremendous advantages in access to capital, personnel, economies of scale and insider marketplace intelligence, is Bank of America willing and able to compete with individual investors; take similar risks; control costs; rehab, maintain and manage properties and move as nimbly as they do to adjust to changing markets? The B of A Rental Program: ? by Steve Cook Use your real name and only your name in the field designated for your name. No keywords allowed as anchor text in the name or comment fields. No signature links allowed under your comments You may use links in the body of your comment, but it must be relevant to the discussion at hand, moncler snowsuit and not merely be some promotional link. We will have NO reservations about deleting your content if we feel you are posting merely to get a link without adding value to our discussion. If you add value, but still post keywords, we ll use your comment, but remove your link and keywords. For more information about acceptable practice, see our site rules. Thank you for visiting the BiggerPockets Blog. Our goal is to educate and inform our readers with the best real estate investing content, commentary, news, and tips available. Be sure to join our social network and get active to help you build your network and business! Oh, and don t forget to follow us on G+. Want to Contribute?If you are a mortgage lender, real estate agent, commercial real estate expert, or other professional, and want to be a part of the premiere blog for real estate investors, contact us

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