Upcoming BofA Auction Targets Owner-Occupants, NSP Recipients

Posted by Orb Staff on June 30, 2010 No Comments
Categories : Mortgage Servicing

n company REDC and Bank of America have announced plans to auction more than 100 bank-owned homes in California's Inland Empire. The auction will be open to home buyers seeking a home as a primary residence, municipalities participating in the U.S. Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP) and nonprofit housing organizations. The auction will be held Saturday, July 24 at the Ontario Convention Center. Registration begins at 8:00 a.m. PDT, and the auction begins at 9:30 a.m. PDT. The July 24 auction is for bidders who intend to occupy the homes as their principal residence, without competition from investors. The Bank of America-owned homes to be auctioned have been removed from the market, inspected and repaired, and are ready for sale. REDC has conducted similar auctions earlier this year in Arizona, Nevada and California, auctioning a total of 368 properties to individuals and families with a combined purchase price of $32.7 million. ‘Recognizing the Inland Empire's unique housing and economic challenges, it is best when we can sell our inventory of real estate owned properties to families who will live in the homes and contribute to the revitalization of the greater community,’ says Matt Vernon, a national servicing executive with the bank. In addition to community auctions like this one, Bank of America works with nearly 400 communities and housing nonprofits through the NSP in high-foreclosure markets across the country, providing a daily inventory of pre-listed and listed properties in the bank's servicing portfolio, and a dedicated team of trained asset managers assigned to NSP participants to expedite the REO sales process, the company says. More than 655 properties totaling more than $62 million have already been sold with NSP funds, with 161 additional properties currently in escrow. Bank of America says it also works with the National Community Stabilization Trust to further serve over 100 localities across the nation hardest hit by the foreclosure crisis to offer ‘first look’ purchase opportunities for owner-occupied buyers. SOURCE: [link=http://www.redcgroup.com/]REDC

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