{"id":907,"date":"2012-03-27T17:39:43","date_gmt":"2012-03-27T17:39:43","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=907"},"modified":"2012-03-28T16:17:39","modified_gmt":"2012-03-28T16:17:39","slug":"bank-of-america%e2%80%99s-exclusive-deed-in-lieu-pilot-program","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=907","title":{"rendered":"Bank of America\u2019s Exclusive “Deed in Lieu” Pilot Program"},"content":{"rendered":"

Last week, Bank of America launched an invitation-only “deed-in-lieu” pilot program. This program will permit struggling homeowners to convey the deed to their property to Bank of America in exchange for a lease to remain in their home. Homeowners would be permitted to rent their home from Bank of America for a lower monthly payment than they were previously paying on their mortgage.<\/span><\/p>\n


\n<\/span><\/p>\n

According to the Wall Street Journal<\/a>, homeowners could rent the property for 1 year and would have the option to renew the lease for each of the next 2 years for a price at or below the currently market rate.<\/span><\/p>\n


\n<\/span><\/p>\n

It is unclear how many homeowners will take advantage of this program and the extent of the associated administrative costs relative to the costs of mortgage modifications and foreclosures. This is why Bank of America has offered only approximately 1,000 homeowners this deed-in-lieu option.<\/span><\/p>\n


\n<\/span><\/p>\n

In order to qualify for this pr<\/span>ogram, owners must be at least 2 months behind on their mortgage payments and must be at risk of foreclosure. The program will not apply to second mortgages and Bank of America is not currently accepting applications.<\/span><\/p>\n


\n<\/span><\/p>\n

By Dominic J. Hamilton, Esq.<\/em><\/span><\/p>\n

Associate Attorney, Topkins & Bevans<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America launched an invitation-only “deed-in-lieu” pilot program. This program will permit struggling homeowners to convey the deed to their property to Bank of America in exchange for a lease to remain in their home.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[4,29,3,61],"tags":[],"class_list":["post-907","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-mortgages","category-real-estate-law","category-short-sales"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":893,"url":"https:\/\/blog.topbev.com\/?p=893","url_meta":{"origin":907,"position":0},"title":"Mortgage Servicers Required to Review Foreclosure Files and Compensate Veteran Victims","date":"March 7, 2012","format":false,"excerpt":"On March 6th, 2012, the White House announced two methods to provide relief for the struggling U.S. housing market pursuant to the February settlement between the Federal government and 49 state Attorneys General.","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":966,"url":"https:\/\/blog.topbev.com\/?p=966","url_meta":{"origin":907,"position":1},"title":"Massachusetts Court of Appeals rules that a deed notarized improperly is unenforceable?","date":"October 3, 2014","format":false,"excerpt":"The Land Court ruled that the deed was unenforceable because it was improperly notarized. It was not sufficient that Ethel had signed the deed. She had not confirmed before the notary that the deed had been her free act and deed. The deed because of the invalid acknowledgement was not\u2026","rel":"","context":"In "Estate Planning"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37431,"url":"https:\/\/blog.topbev.com\/?p=37431","url_meta":{"origin":907,"position":2},"title":"Should I Put My Child On My Deed?","date":"January 5, 2018","format":false,"excerpt":"There are many options when it comes to estate planning. These options can often seem overwhelming and unnecessary. This can feel especially true when dealing with relatively small estates.","rel":"","context":"In "Estate Planning"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37463,"url":"https:\/\/blog.topbev.com\/?p=37463","url_meta":{"origin":907,"position":3},"title":"What Is Owner\u2019s Title Insurance and Why Should I Buy It?","date":"November 7, 2018","format":false,"excerpt":"These are both very good questions. Let's start with the first question and then the answer to the second question will be obvious. What is Owner's Title Insurance? It is Insurance that insures you against losses you may suffer as a result of issues affecting the title to your property.\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":391,"url":"https:\/\/blog.topbev.com\/?p=391","url_meta":{"origin":907,"position":4},"title":"BPOs for loan Modifications and Short Sales need agent involvement!","date":"July 12, 2010","format":false,"excerpt":"To those people who regularly look at my posts, I commend this information for you review. Short sales are not going away, and our real estate community needs to know their options. Elliott Via Ray Wright (Keller Williams Realty): When listing a Short Sale one of the most important things\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":862,"url":"https:\/\/blog.topbev.com\/?p=862","url_meta":{"origin":907,"position":5},"title":"The New Massachusetts Homestead Law takes effect March 16, 2011.","date":"March 13, 2011","format":false,"excerpt":"The long awaited and much needed revision to the Massachusetts Homestead Law will be taking effect on March 16, 2011. It can be found at Massachusetts General Law Ch 188 \u00a71-10.","rel":"","context":"In "Estate Planning"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=907"}],"version-history":[{"count":3,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/907\/revisions"}],"predecessor-version":[{"id":910,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/907\/revisions\/910"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}