New York, March 22nd, 2012 - To rent its real estate to refund a real loan. Such is the objective of the pilot program launched by Bank Of America, in favor of thousands of hearths in situation of non-payment. A welcome measurement which will relieve doubtless the families concerned.
At the beginning of March, after the judgment with the payment of a fine record of 25 billion dollars, Bank Of America had obtained a reduction of the aforesaid the fine of 850 million dollars. Implied in the scandal of the doubtful seizures of property, the US bank was n the other hand to put forward strict banking measures concerning the mortgage deeds.
Thus, the financial group will propose to the families threatened of seizures of property to rent their housing to refund the subscribed loans. Even if it still acts for the moment that of a pilot project, measurement should be accommodated well by the borrowers in difficulty of payment. Actuated as of the next week, this program will function on the basis of transfer of the property rights at the bank for then renting the residence concerned with the market price, but however for an amount which must be lower than those of the drafts to pay. During three years successive, the former owner will be able to live there with the help of the payment of the rent.
Conditions to fill for the families
This special measure will not be granted to the come first. Indeed, on the one hand the bank alone will decide which deserves to benefit from this exceptional favor, but in more it will be necessary to meet the conditions of granting. Thus, the future recipient must be always resident housing concerned, not have paid his drafts during more than 60 days and finally to be in the dead end for the payment of the mortgage.
Strict conditions certainly, but which want to be effective in order to solve the problem of unpaid the banking real estate. Thus according to Ron Sturzenegger, high ranking official of the bank charged with the file, this program will allow to widen the offer of solution suggested by Bank Of America.