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Kevin Mao

BofA to try converting foreclosures into rentals - Los Angeles Times - 1 views

  • 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.
  • often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out
  • Bank of America doesn't plan to become a longtime landlord for borrowers turned tenants
  • ...6 more annotations...
  • no more than three months before selling them
  • The bank wants to find out
  • whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process,
  • nd sign contracts agreeing to rent the home for up to three years at or below market rates
  • designed to test the market for homes ranging in current value from $75,000 to $1 million
  • 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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    Article about Bank of America's pilot project to convert foreclosures into investment opportunities for investors.
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