Bank of America Foreclosures

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Bank of America is a big-name bank throughout the United States and the globe, and is ranked as the 3rd largest company in the entire world by Forbesin 2010. Being one of the primary mortgage lenders throughout the country from its headquarters in Charlotte, North Carolina, Bank of America has its share of foreclosure properties.

In fact, if you have been searching for foreclosures, then you may wish to consider Bank of America foreclosures - properties that are actually owned by the bank itself.

How Bank of America's Foreclosure Process Works

When a homeowner gets behind on their mortgage payments and fails to pay the delinquent payments and associated fees for a period of time, the home enters into the foreclosure process. If Bank of America is the lender for the home loan and the homeowner does not pay the delinquent payments, then a notice of foreclosure is provided to the homeowner and the individual has until the property date of sale to get the property back in good standings with the bank. This document also informs the public of foreclosure proceedings.

If the homeowner is unable to pay the mortgage payments and the property is not sold at auction (after being repossessed), then the bank acquires the home making it the property of the lender. Once these properties are acquired by the lender, they become BOA foreclosures, which are also often referred to as bank owned foreclosures or REO properties.

How Foreclosures are Sold

Typically a lender will have someone outside of the company market and sell the foreclosure properties for them; therefore, realtors tend to have lists of Bank of America foreclosures for sale. In fact, most banks will have a department completely dedicated to foreclosures. For example, the Bank of America foreclosure department has all essential information on the foreclosure homes that are currently in the bank’s inventory.

Those looking to purchase foreclosures can also search US bank foreclosure listings to find everything from bank auctions to US bank REO properties that are already on the market.

Why Consider Purchasing Foreclosures?

Bank Foreclosure properties are often great investment opportunities for investors and potential homebuyers because they can often be purchased for well below market value. It is essential to note that foreclosure properties are often sold "as is" and therefore the lender is unlikely to make requested repairs. However, this "as is" state is often one of the reasons that USA foreclosures can often be obtained below market value.

In conclusion, Bank of America has its own foreclosure department that manages its foreclosure inventory - often with the help of a team of realtors - when the bank acquires properties due to a homeowner’s inability to pay delinquent mortgage payments. These properties are known as bank foreclosed homes and are frequently listed below market value, making them great investment opportunities for those looking for a new home.

Find Homes up to 60% Below Market Value!

News about Bank of America Foreclosures

  • Bank of America Foreclosures

    Of all of the banks within the United States that have been part of the foreclosure settlement agreements, Bank of America has been in the spotlight more than any other lender. In fact, the bank cannot seem to stay out of the news lately.

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  • Bank of America Foreclosures

    When it comes to the real estate market crash and resulting foreclosure crisis, Bank of America has been one of the prime

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  • Bank of America Foreclosures

    Recently, former employees of Bank of America accused the major lender of rewarding them for lying and pushing foreclosure in an effort to avoid HAMP loan modifications. Apparently, the bank disagrees with these accusations, and has recently announced that these “whistleblowers” are lying. Specifically, Bank of America’s lawyer says that what these seven former employees are saying is

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  • Bank of America Foreclosures

    If you have been keeping up with big banks throughout the last few years, specifically in regards to the foreclosure settlement agreements reached as a result of lender unethical actions, then you more than likely have heard how major banks are too big to fail.

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  • Bank of America Foreclosures

    After the foreclosure settlement agreements and the hot water that lenders have been in over the last few years due to the real estate market crash, surely, lenders are now engaging in ethical actions and all their wrongful deeds have been uncovered. Or so you would think……

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  • Bank of America Foreclosures

    When it comes to the real estate market crash, most people agree that lenders played a major role in the crash and continued with unethical actions that led to wrongful foreclosures after the crash.

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  • Bank of America Foreclosures

    Have you ever received a notice in the mail that your mortgage rights were purchased by another entity (typically an investor such as Fannie Mae, Freddie Mac, etc.)? If so, then you are definitely not alone.

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  • Bank of America Foreclosures

    Amidst the foreclosure settlement agreements and other litigation surrounding the real estate market crash, Bank of America was also being pursued by federal prosecutors in regards to bad home loans that Countrywide Financial sold to Fannie Mae and Freddie Mac. Bank of America acquired Countrywide Financial in 2008 and the lawsuit covers actions from 2007 to 2009.

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  • Bank of America Foreclosures

    In what is yet another foreclosure-related punishment for Bank of America, the Charlotte-based corporation was fined $220,000 by a U.S. bankruptcy judge in Orlando, Florida.

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  • Bank of America Foreclosures

    Bank of America, the second largest bank in the country, has been in the middle of foreclosure crisis since the very beginning. Bank of America’s unethical practices have come to light over the years, along with the questionable actions and inactions of other major lenders, with the result being several foreclosure settlement agreements.

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  • Bank of America Foreclosures

    Bank of America has been one of the key lenders involved in the foreclosure settlement agreements. Unlike other lenders, Bank of America has had somewhat of a scapegoat throughout the entire process. Specifically, Bank of America has placed a majority of the blame on Countrywide Financial, which Bank of America acquired in 2008. Moynihan, the bank?s CEO has commented on how Countrywide Financial has been a burden to the lender, primarily throughout the foreclosure settlement agreement process.

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  • Bank of America Foreclosures

    Over the last few years, mortgage giants – like Bank of America – have faced their share of litigations. Many of these lawsuits involved the banks? actions (and sometimes inactions) that involved foreclosure filings and processes – including robosigning. Although two major foreclosure settlement agreements have been reached, Bank of America?s reputation has been affected. Furthermore, the mortgage giant still has several litigations in the foreseeable future.

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  • Bank of America Foreclosures

    Before the real estate market crash, Bank of America had a pretty solid reputation. This reputation has definitely been brought into question due to the robo-signing issues and other questionable actions and inactions that has put the bank in the spotlight.

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  • Bank of America Foreclosures

    Imagine losing your home due to bank negligence and robo-signing and then struggling to keep your head above water in the following months, all while the lender that is responsible for your circumstances is sitting back and continuing to bask in its assets without much of a concern in the world. This resentment and overall feeling of helplessness and frustration is exactly what many Americans have felt ever since the real estate market crash.

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  • Bank of America Foreclosures

    With all of the damage the foreclosure crisis caused to Bank of America’s finances – and, most importantly, reputation – you’d think the bank almost wishes it would’ve never gotten into the mortgage business.

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Other Great Resources for Bank Of America News

Official Channels of Bank of America

Videos

This video discusses how the “mortgage crisis” continues to drag on, specifically discussing how Bank of America has reached an agreement with Fannie Mae worth $10 billion in addition to the most recent foreclosure settlement agreement of $8.5 billion involving 10 lenders and halting the independent foreclosure review process.

This video shows that Bank of America stocks are increasing and credit card usage is rising, while also obtaining a stock upgrade.