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shared by Kevin Mao on 17 May 12 - No Cached

Bank of America Corp. has tentatively joined a nascent housing industry movement in which homes in or near foreclosure are sold to investors as rental properties.
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often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out
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Bank of America doesn't plan to become a longtime landlord for borrowers turned tenants
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no more than three months before selling them
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The bank wants to find out
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whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process,
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nd sign contracts agreeing to rent the home for up to three years at or below market rates
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designed to test the market for homes ranging in current value from $75,000 to $1 million
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TwinRock Partners, a private Newport Beach firm, recently told potential investors that more than 100 homes it has acquired and rented out over the last two years have produced annualized returns of 8.7%, with the potential for big resale profits if housing prices recover
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