[quote=outtamojo]Seems to me that unless the banks offer a carrot, getting the borrowers out who have been delinquent/hung on for this long will mean a lot of work for Sheriffs,lawyers, and handymen before these homes ever come to market.[/quote]
In my part of the county, B of A has hired contract RE brokers to do a move-out inspection on defaulted borrowers (who may or may not have qualified for a mod). They are given 7 calendar days to clean and vacate and if all personal effects and trash is removed and the floors are “broomswept,” they have a check waiting in hand for $3,000 for “relocation expenses.” These are properties subject to imminent foreclosure or have just been foreclosed upon, with title transferring back to bene.
If the delinquent trustor refuses to cooperate, they evict them using the Sheriff’s Dept. It’s all spelled out in the “Relocation Assistance Agreement and Release of All Claims” that the borrower signs a week in advance of the inspection date.
Edit: I want to clarify this post by stating that in the small number of cases I’ve worked with, B of A is certain that ownership will revert back to them upon trustee’s sale. They have in the past refused to lower the opening bids sufficiently as to entice a third party to bid on the property at the steps. Therefore, they revert back to bene by operation of law.
