People Who Own Potential Miami Foreclosures Have A New Option To Consider In Fighting The Process
One of the biggest banks in the United States today, the Bank of America, is looking to develop plan which will be called “mortgage-to-lease” wherein owners of potential distressed properties within Miami will be able to avoid the foreclosure process by opting to stay in the homes under a lease contract instead.
Proposals are going to be sent out to homeowners in order to find out whether or not the response to the plan is going to be a positive one. In the event that people do feel optimistic about the plan then there is a possibility that the plan could become the new model for other companies within the mortgage market.
Homeowners are usually granted options wherein they can avoid having to undergo the foreclosure process by considering loan modifications and short sales among the other possibilities which grants that the property title is given back to the bank. But doing so means having to move out and leaves them with very little choice.
With the new mortgage-to-lease plan being tested for its viability, homeowners are given the opportunity to get their deeds back without their homes becoming actual Miami foreclosures on the market. Instead, multiyear terms of lease will be offered with rates that are below the actual market rent for the property. However, there will have to be a need to ensure that there will be an income to support such payments.
There is no telling how homeowners are going to feel about such a plan. However, people are keeping their fingers crossed, especially since such a plan is going to be able to create tremendous changes are as far as the general issue on today’s Miami foreclosures is concerned since there will be less foreclosure properties once people are more open to the idea of losing their homes in the process.
While the plan is set to develop better strategies as far as Miami foreclosures within the region are concerned, there is definitely the possibility that people will generally opt for foreclosure altogether. But one thing that counts at this point is the fact that there are plans to work towards overall improvement which will benefits both sides of the situation.
Joan Vonnegut
Miami Foreclosures
