Bank of America plans collaborate with the city of Chicago to give away as many as 150 foreclosed, abandoned and vacant properties in and the city.
BofA said in a statement that homeowners have been faced with unemployment and economic hardships and have transitioned to alternative housing, walking away from their homes, leaving behind deteriorating properties that can lead to neighborhood blight.
The plans of the giveaway include:
· Registering properties with the city when the mortgage is delinquent and the house is vacant and abandoned.
· Speed up the foreclosure process and return vacant properties to stable, productive use.
· Donate foreclosed condos to the nonprofit Community Investment Corp. to attempt to upgrade, preserve and stabilize management of affordable rental housing.
The bank also held a mortgage modification outreach event and opened a new full-time customer assistance center in Chicago to provide counseling and on-site processing and underwriting of mortgage modification requests for customers struggling to make home loan payments.
Bankrate readers weren’t impressed with this move by BofA. What are your thoughts?
