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's $17B settlement not as large as it appears
    JPMorgan, for example, must provide roughly $2 billion of principal reductions to homeowners before the end of 2017 ... with the rest earned through actions such as writing new loans in distressed areas, donating foreclosed properties to community groups ...
    08/20/2014 - 1:00 pm | View Link
  • 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
  • Secret Inside BofA Office of CEO Stymied Needy Homeowners
    Isabel Santamaria thought she finally caught a break in her effort to save her Florida home from foreclosure after nine frustrating months: She reached Bank of America ... lowering distressed borrowers’ mortgage payments. Under the program, homeowners ...
    12/16/2013 - 10:50 am | 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 ...
    09/26/2013 - 5:53 am | 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 - 1:12 am | View Link
  • More
BING SEARCH:
  • Brookstone Law | A Professional Law Corporation
    Breaking News BofA Settlement. Bank of America to Pay $16.65 Billion in Historic Justice Department Settlement for Financial Fraud Leading up to and During the ...
    10/30/2014 - 6:26 am | View Website
  • Home | The Global Ambassadors Program
    ABOUT The Global Ambassadors Program. Women are. a force for driving economic, political and social change. The Global Ambassadors Program, a Vital Voices and Bank of ...
    10/29/2014 - 3:53 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.
    10/29/2014 - 2:41 pm | View Website
  • International Financing Review
    IFR is the world’s leading source of capital markets intelligence, and has been for nearly 40 years. It provides senior investment banking decision-makers with ...
    10/29/2014 - 1:15 pm | View Website
  • Loan Modification and Mortgage Foreclosure Scams
    Federal and state agencies today announced a sweeping round-up of alleged scam artists blamed for ripping off distressed homeowners across the country.
    10/27/2014 - 9:10 pm | View Website
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