Glen Laurel Homes In Foreclosure May Soon Be Rental Homes

To help combat the many foreclosures that homeowners across the country, including those who live in the community of Glen Laurel, are facing, the Bank of America may soon offer the option of a rental as an option to dealing with foreclosure. BofA has launched a pilot program where they are offering some of their mortgage customers who are facing foreclosure the option to be able to stay living in their homes and become renters instead of owners.

The "Mortgage to Lease" program was just recently launched by BofA and is currently being offered to only a small number of customers. Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, said in a statement, "This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support.”

Those homeowners who choose to take part of this pilot program will hand over their title to the bank, who at that time will waive any outstanding mortgage debt. The homeowner will then be eligible to lease his/her prior home for up to three years at or below current rental rates. The monthly rental rate will be below what they are currently paying for their monthly mortgage payment. The bank will also waive all taxes on the property or homeowners insurance that tenants may hold.

Now is the perfect time to buy or sell a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Now Is The Time To Sell Your Glen Laurel Home

If you have been contemplating selling your home in the community of Glen Laurel now may just be the perfect time to do so.  Existing home sales across the country posted their third gain in the last four months.  Investors and first-time home buyers are helping to boost the market when it comes to existing home sales, making it the perfect time to sell your Glen Laurel home.  According to the National Association of Realtors (NAR) existing-home sales -- including single-family homes, townhomes, condominiums and co-ops, went up by 4.3 percent from the month of  December to January.  This number remains very similar to what we saw during this same period of time last year.

We are also seeing a drop in the number of available homes for sale.  Foreclosures still remain a large number of homes available on the market.   According to the NAR foreclosures and short sales made up 35 percent of homes sold this past January.  23 percent of all homes purchased in January were bought by investors.  First-time homebuyers accounted for 33 percent of all homes purchased in January up from 31 percent in December.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs.  Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Glen Laurel Residents Facing Foreclosure May See Help Soon

Many residents of Glen Laurel and in similar communities across the country are struggling during this economy and may be facing foreclosure on their homes. The good news is there may be help on the horizon. Nearly 1 million homeowners across the nation may soon see their mortgage cut by $20,000 as a result of  a long-awaited deal taking shape among state attorneys general, federal officials and the nation's largest mortgage servicers. Despite pressure from the White House a final agreement has not been reached.  The details of the agreement are still being ironed out.

There are many attorney generals that feel that the deal may be too lenient on the banks. State and federal officials who have knowledge of the negotiations taking place have stated that the agreement could be about $25 billion, and up to $17 billion of that would need to be used to reduce the principal for those homeowners facing foreclosure.  The remaining portion would be set aside for those homeowners who have been victims of improper foreclosure practices. It is estimated that there are about 750,000 families across the nation that this has happened to.  The final amount that a homeowner would see put toward their mortgage principal reduction and reimbursement will be dependent on how many states sign on.

N.C. Attorney General Roy Coope had this to say about the agreement. "This enforcement action should be a significant first step in holding lenders accountable, getting immediate help to borrowers and establishing clear rules on loans for the future."

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.