bank of america reo, find reo properties

In an attempt to stabilize America's neighborhoods in a down market, the Bank of America REO and home loans department have begun to participate in a Neighborhood Stabilization Program that the federal government has begun funding. This program allows local municipalities that have been hit hard by foreclosures to find REO properties and purchase them from Bank of America. It allows these municipalities the opportunity to buy bulk REOs, to find REO properties and view them before they list them on multiple listing websites, and they can then resell them to local residents or use the Bank of America REOs to address other development needs within their communities. One of the main reasons that Bank of America REOs are being listed this way and offered to municipalities is to preserve the market value of surrounding homes when a home in the community becomes foreclosed on. Of course no one wishes for homes to be foreclosed on, and a priority that comes before these types of programs is to counsel homeowners and refinance mortgages to more affordable terms in an effort to prevent foreclosure. In the case that foreclosure does occur, this Bank of America REO Neighborhood Stabilization Program is meant to assist the community in retaining its property values.