Bank of America REOs Nationwide

Thanx for the helpful info Rick!

I think the number of foreclosures will actually be going up now that banks, including BOA, have gotten over the problems they had with being accused of jamming foreclosures through so quickly.

One of the things that's always struck me as odd about people that are being foreclosed on (regardless of type or reason for foreclosure) is that the person who's getting foreclosed on thinks they can stay in the property for months or even indefinitely without paying for living there. If one didn't go 30-60 days without paying their rent, they would be evicted, but folks getting foreclosed on sometimes seem to be able to stay in their house for free for 6 months to a year. Now, I know no one wants to become homeless, but it's still odd to me. I know owners have a deed, but in all reality they're technically just renting from the bank or mortgagor.

People think they can stay in their property because they usually can, until they're forced out. Also, eviction laws vary by state. In NY the eviction process can be held up for months and months (1-2 months is rare).

You may not think it's right and it may not be a decision you would make personally, but don't forget people who are in that situation are desperate and usually grasping on to straws trying to figure out what their next move is. Then someone tells them (and often it's an investor looking to short sale the house) that they can stay there and pay nothing until the banks foreclose. The benefit to them is that they can save as much money as possible that they will use to put down on a new place when they get kicked out. This is usually what will get them into a new place because when you go to a rental community or a private rental and tell them you can pay the whole year up front, more than likely, they will say ok. People in this situation are usually over their heads in other debts as well so some of that money will be used to pay down debt and collections.

Most people in this situation don't want to be in it. They make these decisions because they feel they have to, and they don't see any other option.