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BANK OF AMERICA

Found a house here in my town, foreclosed home, but not on market ! Owned by bank of america.. How do I get ahold of this company? and is it possible they will rent this home out before we buy it?Meaning chapter 7 discharge but cant get loan until june 1,2013? HELP! by michael good from East Liverpool, Ohio. Dec 26th 2012 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,052 contributions

Michael.. It's never going to happen.. You are wasting your time.. All foreclosed homes will go to auction first.. And most don't sell.. so when the home doesn't sell, the lender gets a trustee's deed, and now they can hire a real estate agent and list the home for sale.. This is how most lenders deal with their foreclosures.. In certain deprived areas where home sales are stagnant, some lenders have experimented with renting some of these homes, but its 'a pilot program, and highly unlikely they would rent this property out.. You're better off waiting until you can qualify and then start your search... otherwise the mental frustration will drive you crazy.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 26th 2012
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Tim Bradford (Tim Bradford)
#7 ranked lender in Ohio - 145 contributions

Michael, You will need to wait until the bank puts the home on the market and then submit a bid at that time.

Dec 26th 2012
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 662 contributions

Michael: The bank just wants to get rid of the homes on their books, they don't want to rent them. Your best bet is to wait to find out who buys the home and what their intentions are for the property. If they intend to rent it you could approach them about it.

Dec 26th 2012
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There are bank owned homes in my area that are currently being rented by tenants. This house has already been to auction NO buyer, went back into bank of america's name. It is just sitting there empty! I wrote letter to them today and hopefully they will return my response soon !

Dec 26th 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Michael, as Tim said above you are likely to have to wait until the house is placed on the market or sold as part of a bulk purchase to an investor who might consider a rent with an option to buy or lease-purchase agreement/early occupancy. With June1 just over 5 months away time may be on your side. If you had a Chapter 7 make sure you are re-establishing credit while you are waiting forJune to get here.

Dec 26th 2012
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Mary Fox (hmfcontact)
#11 ranked lender in Pennsylvania - 6 contributions

Michael,If you know of an REO agent or broker who lists properties for banks, you can ask them if they deal with B of A properties , and to to look into the address you are interested in. If they deal with B of A already it wouldn't be a stretch. The problem would be getting financing.It may take until June to sort it all out.

Dec 26th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,252 contributions

a lot of the bank owned homes, may have been purchased by a investor, and then renting them out.. once in a blue moon, a lender will rent back to the previous owner, forclosed on, owned by the bank, and then rent back to the orginal owner.. linda

Dec 26th 2012
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This house was in AUCTION. did NOT sell.. been empty for a few months now! These homes that are foreclosed are being left empty and well they are vandalized and abused and people are just going inside them and taking out pipes, lights. appliances.. its a shame !

Dec 26th 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

I understand, but the bank has to follow it's own procedures to ensure it is available to the general public and make sure they get the maximum price for it. If your area is hard hit by foreclosures I won't be surprised if they try a bulk purchase to a larger investor. Remember, banks aren't set up to be landlords - which limits their options.

Dec 26th 2012
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Another question.. How can you buy another home when you have a home in the fo reclosure process? meaning. this house I have been referring to, the owners moved to florida, they have this home in east liverpool,ohio. it was in foreclosure. but they moved to florida and bought a home double the price of this one? How can they get financing if they are in f oreclosure???? I have seen this happen alot? HOW?

Dec 26th 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Buying another home when you have a house in the foreclosure process is highly unlikely. The only thing I can think of is that possibly the house near you was only in one name and the other person is buying the home in FL. Someone who already has a mortgage normally has to prove that mortgage is current prior to closing on the new home. It's possible they stopped paying on that mortgage after moving, but that is considered fraud by the regulators. The term is "buy and bail".

Dec 26th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

If you don't get anywhere here with the ideas, then jsut go into a local B of A branch and ask them about a contact to see if you can rent it out.

Dec 26th 2012
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I am sure going to contact them online , and I have already wrote them a letter concerning this house! I am very grateful for all the advice i am getting on here.. But times are hard, and well money is money.. I can purchase a home in june 1,2013.. not too far away .. and there might be a chance we can rent it until we purchase it !

Dec 26th 2012
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,052 contributions

If they told you they moved to FL and purchased a home double the price.. They could be lying, since it makes no sense... There is a strategy that some borrowers have used in the past called "Buy and Bail".. However, the lenders are very skeptical about this and have strict guidelines in place to prevent it from happening.. For these folks to purchase another home, they would need sufficient income to accommodate both mortgage payments, and they would have had to put 20% down on the new property in FL, and purchase it as a 2nd home. The lender would have inquired about their job situation.. Where there 2 borrowers, husband and wife? Did they both have job transfers, or where they moving and looking for a job once they got there?? The new lender would never lend if they were not employed since the guidelines are clear on this, and the lenders are very strict when it comes to income, and work history.. The borrowers also would be acknowledging that they are willing to trash their credit for the next 7 years by having a foreclosure on their credit report.. If this is truly what they did, they would have been better off doing a short sale vs. a foreclosure.. My guess is that they either lied and said they purchased a new home just to save face, or they did a "rent to own" or "lease to own", in which case they really are only renting.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 26th 2012
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Andrew Alfonso (CashCow)
#45 ranked lender in Florida - 271 contributions

Michael, You will need to wait until the bank puts the home on the market and then submit a bid at that time. Andrew Alfonso

Dec 26th 2012
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I have actually spoke to the previous owner that has moved to florida, and YES THEY PURCHASED a new home 158,000 !!!! he told me . the house was NOt in foreclosure when he bought the new home! he transferred his job.Not sure about his wife or not...I know a few people that have done this ! and it is making me sick ! I mean we are trying to buy a house, and yes we have had credit issues in the past. and we are good now, and reestablishing credit ! but we are not getting our hopes up.. we will be told NO again ! People like them make it rough for normal people ! Yes we are in OHIo, yes we have a chapter 7 discharge on our credit, we have good reestablished credit now.. We are responsible, and WE did not do our past credit jsut for the hell of it.. we have had job loss and medical issues.. Now anyone on here want to work with us to get us a first time home? contact me ! using 10% downpayment assistance program here in our columbiana county.

Dec 26th 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

There's the answer then, they were current at the time they applied for the new mortgage and must have qualified. Apparently they worked the system or something changed and they could no longer make both payments. They won't get another mortgage or be able to refinance for 3 years after the foreclosure process was completed. Especially since you plan to use the local downpayment assistance program, unless someone else here has an easy process for working with those programs you may need to ask them for a recommendation for a local lender who knows the program and can get it approved smoothly. Good luck!

Dec 26th 2012
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Chris Samples (csamples)
#145 ranked lender in Texas - 82 contributions

Hi Michael. In most cases you will need to wait until the property is assigned to an asset manager and then contact that person. Additionally, it is not likely that the bank will lease-to-buy the property. Best of luck!

Dec 26th 2012
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Tim Bradford (Tim Bradford)
#7 ranked lender in Ohio - 145 contributions

Michael, From this question and your prior one asking for your options after the Chapter 7 bankruptcy. suspect that you have talked with a lender that gave you the June 1, 2013 date as a date that you can do something. If so they are giving you correct information, I would say to trust them. Hope you take it as "Tounge in Cheek", "Not everything you read on the web is true" and "Not everything someone says is True" or at least not all the facts. I do wish you success in 2013 as it sounds like you made a plan and have been working that plan

Dec 26th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

It is not likely, even if you were able to track down the correct asset manager that you would be able to purchase the home prior to it going through the normal channels and being listed on the market. The odds of being a renter before hand is zero. Sorry

Dec 26th 2012
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