This confirms it. Servicers can do whatever the &*&% they want!!!

BOA is looking at a new program to rent a home back to the borrower after foreclosure.

http://www.housingwire.com/2011/12/09/bofa-developing-foreclosure-r...

"We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant."

"We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease. We would go to the customer and say, 'We'll do a short sale. Will you be interested in leasing your property back? We're still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on,'" he said."

 

This is wrong on so many levels.  Right now, we are signing ALT's, addendums, approvals all stating we won't lease back to a previous owner, and you know we'd get sued for FRAUD if we did, but hey, now let's roll out a program that encourages it...and yet on SOOO many levels, I don't think it's a good idea at ALL to rent back to a previous owner, but I'd LOVE to hear what everyone else thinks of this.

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Permalink Reply by Andy Faria on December 13, 2011 at 5:38pm

It sounds like the same old BOA bs to me. Is it just me or do they "look into" a new program every week? I wonder if they plan to run this program any better than the dozens of failed ones I've seen over the past 3-4 years?

They can't even keep a set of loan mod docs on file correctly, how are we to expect them to perform when responsible for fixing every leaky toilet in south florida?

My guess is this will die on the vine and will be the last we ever hear of it. They need new management....

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