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Bank of America has started a new foreclosure/lease program where they will allow some delinquent home owners transfer title back to BofA (forgiving their mortgage) and in return,BofA will lease the home back to the owner at or below market rents for up to 3 years. In my opinion, this "Mortgage to Lease" pilot program will never work and is merely a way of trying to regain favor in the public…Continue
The $25 billion robo signing settlement was reached with 5 banks recently, but what effect is this really going to have. For most of us, nothing. But even for those who will receive payment from the settlement it will be very minimal.
However, this will have a hugh impact on the market. These banks are most likely getting ready to release a ton of foreclosures on the market that were previously unreleased because they were tied up in this litigation. Now that they have settled, and…Continue
This is an excerpt from a book I am writing called: "Buyers Guide to Foreclosures." I would love to hear from the REOPro community regarding feedback, comments or suggestions on the below statements.…
According to Josh Kaufman, author of "The Personal MBA", Opportunity Cost is the value you're giving up by making a Decision. Whenever you invest time, energy, or resources, you're implicitly choosing not to invest that time, energy, or resources in any other way. The value that would have been created by your next best alternative is the Opportunity Cost of that decision.
We all need downtime. What is the point of life if we are all work and no play? But all too often I find…Continue
This is an excerpt from a book I am writing called "Buyers Guide to Foreclosures" (generic title but to the point).
Financing can be a major hurdle for some buyers wanting to purchase a foreclosure because of the condition of the home, which may keep it from qualifying for conventional or traditional FHA loans. The 203k is a great option. I encourage all agents to familiarize themselves with this loan program.…Continue