Bank of America, the nations biggest mortgage lender is trying something new. Cities that are receiving the Neighborhood Stabilization Program grants from the US Department of Housing & Urban Development will have the first shot at Bank of America foreclosed homes in their city (before they are listed in the MLS).
There will be a “real time” website dedicated to the Banks (REO) listings. Bank of America will designate one person for each city and mulitple purchases will be promoted.
The plan allows the city control of the vacant properties, as well as the profit resulting from redeveloping and selling the homes.
Currently Bank of America has 300 foreclosed properties in the city of Chicago.