Really nice, "I'm sorry you can't afford your mortgage payments anymore and you are upside down in your home and I'm sorry that we are not going to lower your payments by adjusting the interest and refinancing your home. But since we know how much you love our house, you can stay there and pay us rent until we find someone who can buy your old house and your lease runs out. Then you can move out."
Really nice... That is low, even for Bank of America. CNN is covering this, a petition will be next to force Bank of America to work with these people to retain or regain ownership. They are getting tons of bad press in California for this and they are not even bringing this program to California.
But I agree with you, on a business level - this is a great idea that looks great on paper. But paper does not have feelings.
They are only doing this so they can foreclose on more people, avoid renegotiating any more loans than they have to, and collect revenue from people that are going to maintain the home for them while they find a new buyer.
Like I said, extremely sick and twisted! I'm glad I paid cash for my house, no bank is EVER going to make a dang cent on me except my for my brokerage account banks.
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