Have you heard that Bank of America has foreclosure numbers that are growing? Most of the larger subprime lending companies in the United States, as well as off shores are seeing this same problem. The number of foreclosures by Bank of America, foreclosures by all banks in fact, has grown by 65 percent in the last year. That staggering number is worrisome for many reasons. Yet, as a real estate investor, you may want to take into consideration how the process works and to know where you can jump into it and buy a home.
The process of Bank of America foreclosure is longer than you may realize. The process starts when a property owner fails to make one of their payments on their loan. With a missed payment, the lender will begin to call to find out what the problem is. They may work out a solution for being caught up at this point. They will then work with the borrower any way they can. When the borrower continues to miss payments, the foreclosure process really gets under way, which when it comes to Bank of America foreclosure starts with attorneys being notified.