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:
  • BofA close to $16-bn settlement with US regulators
    Of the total amount, around $9 billion will be paid in fines to the federal government, state and other government entities and the rest in relief to distressed American homeowners ... would represent a long-awaited turning point for BofA to surpass ...
    08/7/2014 - 8:38 pm | View Link
  • Fair housing groups turn up heat over BofA’s REO practices
    turning communities into neighborhoods of absentee landlords,” said Shanna L. Smith, president and CEO of the National Fair Housing Alliance, in a statement. “Bank of America is the second-largest commercial bank in the United States, and it has been ...
    09/24/2013 - 1:00 pm | View Link
  • BofA tries home rental program
    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. Testing a mortgage-to-lease program in the Golden State ...
    05/27/2012 - 12:57 am | View Link
  • HARP-Mania: Catch the Wave or Let it Pass?; BofA Introduces 'Mortgage to Lease'
    The rent will be less than the participants' current mortgage payments and customers will not have to pay property taxes or homeowners insurance ... foreclosures to also efficiently disposing distressed properties, which needs to be done.
    03/22/2012 - 1:00 pm | View Link
  • Two years later, Merrill still key to BofA’s bottom line
    Meanwhile, it has relied on Merrill’s revenue machine to keep turning profits as the bank works through ... it’s been saddled with distressed homeowners who are unable to make payments on underwater homes. So far this year, the bank has set aside ...
    09/12/2010 - 5:00 pm | View Link
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BING SEARCH:
  • Bank of America Newsroom
    Welcome to the Bank of America newsroom. Learn more about the bank, our executives, and the latest Bank of America news, announcements and initiatives.
    08/21/2014 - 1:23 am | View Website
  • Bank of America Cooperative Short Sale
    How to Do a Bank of America Cooperative Short Sale. You can hire a real estate agent if you want to, but it's not a necessary step to get preapproved for the short sale.
    08/20/2014 - 11:21 pm | View Website
  • Bank of America Charitable Foundation Funding opportunities
    Learn about the charitable foundation funding opportunities through Bank of America and find out more about the company's funding priorities.
    08/20/2014 - 7:18 pm | View Website
  • Bank of America | Bank of America’s community ...
    Bank of America is building on its established framework of community revitalization initiatives to support its long-standing focus on creating and preserving strong ...
    08/20/2014 - 12:51 pm | View Website
  • Piggybankblog
    Beware the shortcomings of data on home prices and mortgage rates Piggybankblog posted on 08/18/14 Cross linked with latimes.com It has been said that figures lie and ...
    08/20/2014 - 12:30 pm | View Website
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