Bank of America foreclosed on CASH buyer

Bank of America foreclosed on CASH buyer

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Bank of America foreclosed on CASH buyer Posted on September 26th, 2010 by Christine Bank of America FAILED to stop the foreclosure proceedings in Florida court after Jason Grodensky purchased the house for CASH through a short sale and the BofA mortgage was paid by wire transfer.

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Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank offered rate (libor). bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

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Bank owned homes are still flooding our nation’s real estate market. For buyers who can handle risk, some are incredible deals. But if you’re gearing up to buy your first home, take a hard look at whether buying a foreclosed property is a good idea.. Although buying a bank owned property requires you to jump through a few extra hoops, if the price is right, the money you save will be well.

A Lincoln couple who were put through a “Kafkaesque” ordeal by Bank of America when the bank foreclosed on their home have agreed. by the threat of being outbid for the home by an all-cash buyer,

When a borrower defaults on his or her bank loan, the bank forecloses on the home and it goes to a foreclosure auction. But sometimes the home doesn’t attract a buyer at auction and remains unsold. It then becomes as REO property and is re-listed for sale either on the Multiple Listing Service (MLS) of the city in which it’s located or on.

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