Bofa Tries Turning Distressed Homeowners Into Renters

Bank of America is testing a mortgage-to-lease program in four states. The idea: Instead of evicting homeowners who face foreclosure, it lets them stay as tenants and sells the homes to investors.Unable to qualify for modifications on Bank of America mortgages, a few of California's most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead.

Topics:  bank   california   america   renters   distressed homeowners   stay   homes   
BING NEWS:
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  • New Bank of America whistle-blower emerges: More customer abuse secrets
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  • Foreclosure Mess Finally Resolved
    However, this was turning out to be costly and time-consuming affair ... in the long run it will be a relief for the banks. Further, the distressed homeowners would also be benefited. We are hopeful that like the earlier foreclosure settlement deal ...
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BING SEARCH:
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  • News
    HousingWire Content on News ... The answer may be found somewhere between commandeering the entire process and “throwing it over the fence.”
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