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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    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 ...
    09/26/2013 - 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
  • BofA to offer rentals as foreclosure alternative
    Among requirements to qualify for the program, homeowners must have a BofA loan ... the surrounding community and curtail neighborhood blight by keeping a portion of distressed properties off the market," Sturzenegger said. Foreclosure tracking firm ...
    03/23/2012 - 10:40 am | View Link
  • BofA to Offer Rentals as Foreclosure Alternative
    The rent will be less than the participants’ current mortgage payments and customers will not have to pay property taxes or homeowners insurance ... neighborhood blight by keeping a portion of distressed properties off the market," Sturzenegger said.
    03/23/2012 - 2:56 am | View Link
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