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BofA Banks on Real Estate

By Judi Desiderio, Friday, March 23, 2012
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Bank of America Legacy Asset Servicing Executive said, “this pilot will help determine whether conversion from home ownership to rental is something our customers, the community and investors will support” . I’d like to take that one step further and commend BofA on ceasing the opportunity to not only allow homeowners to remain in their homes but help expedite the transfer of over leveraged properties in a civilized fashion with minimal pain & distress. Ultimately the investors who end up with this real property will realize significant gains in time.

Only 1000 homeowners will be ‘invited’ by Bank of America to take advantage of this pilot program.. or foreclosure alternative. There is a specific list of criteria which includes but is not limited to the homes must be owner occupied, delinquent for a minimum of 60 days and several other qualifications.

While there are some ‘Debbie Downers’ out there writing about how home sales slipped in February… it was a very slight slip to a seasonally adjusted 4.59 million according to the National Association of Realtors. Some say it was the mild winter, some say the stronger job figues, some say it was the return of the stock market, some say it’s just time – buyers are tired of waiting—I say it was the perfect storm—in a good way—it was all those factors and more that has lead national stats as well as local stats on real estate transactions to the best winter since before the collapse. Here at T&C it’s our best winter EVER!