Yes, there are some homes that are so bad, no one will even buy them. The previous owners have smarten up and abandoned them. My guess is BofA refused to grant that modifications.
I have a feeling there are many more cities where they have inventory that won’t move. At this point in time, many housing doom and gloomers think the housing bottom won’t hit until 2013-2014. I am talking about the ones that predicted the initial housing bust that the majority of financial experts said was impossible back in 2007.
Bankrate:
That’s what Bank of America plans to do with as many as 150 vacant and abandoned properties in and around Chicago through a new “collaboration” with the city that’s intended to address the problem of abandoned properties.
“Unfortunately,” BofA said in a statement, “many homeowners faced with unemployment, underemployment and other economic hardships have transitioned to alternative housing situations, and in many cases, have walked away from their homes, leaving behind vacant and deteriorating properties that can cause neighborhood blight.”
As part of the new effort, BofA plans to:
Register properties with the city when the mortgage is delinquent and the property has been identified as vacant and abandoned.
Identify up to 150 properties that will be referred to a new Cook County vacant and abandoned building court call in an effort to speed up the foreclosure process and return the properties to stable, productive use. The foreclosure timeline for vacant and abandoned properties in the area currently averages 18 months, the bank said.
Contribute funds toward the city’s costs of demolishing deteriorating buildings on the donated properties.
Donate foreclosed and vacant condominiums to the nonprofit Community Investment Corp. as part of an initiative to upgrade, preserve and stabilize management of affordable rental housing.
BofA also recently held a mortgage modification outreach event and opened a new full-time customer assistance center in Chicago.
These and other initiatives “provide convenient opportunities for customers who are having difficulty making their mortgage and other credit account payments to receive face-to-face counseling, on-site processing and underwriting of mortgage modification requests and other assistance,” the bank explained.
Anna Kournikova
Hayden Panettiere
Cameron Diaz
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