BofA Bulldozing Foreclosed Homes - The Consumerist
The bank is working with local housing partnerships to donate some of the houses and pay for the demolition of others. BofA will pay as much as $7,500 per tear-down. Some of the houses are worth less than $10,000.
They're giving up 100 properties in Detroit, 150 in Chicago and will be doing the same in nine other cities.
"Donating a house may create an income-tax deduction, said Robert Willens, an independent accounting analyst based in New York. A bank might deduct as much as the fair market value if a home wasn't acquired with the explicit intent of knocking it down," reports SF Gate.
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Always thinking, these banks. Thanks to Mystery Reader for this and the following two strange stories from the world of foreclosures.
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