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Bank of America foreclosed on CASH buyer

For buyers who don't have buckets of cash on hand, and are looking at bank- owned homes or short sales, here are six options for financing a.

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2011-06-07  · It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home. The couple said they paid cash for the house. The case went to court and the homeowners were able to prove they didn’t owe Bank of America.

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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.

But sometimes the home doesn't attract a buyer at auction and remains unsold.. a bank REO, as you'll either get rejected from multiple deals by cash or. Think about it: If Bank of America has several hundred thousand.

Buying a foreclosed home can score you a great deal and be a smoother process than working with a traditional owner. Before you dive in, though, here are some steps to help you navigate the process.

Bank of America, Wells Fargo and eight other large banks have agreed to pay .5 billion combined to settle alleged foreclosure abuses, the Federal Reserve and Office of the Comptroller of the.

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