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 ...
    09/26/2013 - 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
  • 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 ...
    09/13/2010 - 12:44 am | View Link
  • More
BING SEARCH:
  • Cerberus Capital Management
    Cerberus Capital Management, LP, established in 1992, is one of the world's leading private investment firms.
    09/21/2014 - 1:07 am | View Website
  • Bank of America Foreclosure
    A key difference between Bank of America and other lenders is that they don't require you to have a lot of information gathered before calling.
    09/20/2014 - 11:42 pm | 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.
    09/20/2014 - 5:51 pm | View Website
  • Foreclosure, REO and Repossessed Home News
    While financial pundits keep calling a bottom in home prices, they just keep falling. Case-Shiller’s latest September home price index shows a 5th consecutive month ...
    09/19/2014 - 10:28 am | View Website
  • AG Coakley Launches HomeCorps Program and Hotline
    For Immediate Release - April 25, 2012 AG Coakley Launches “HomeCorps” Program and Hotline to Aid Distressed Borrowers and Ease Foreclosure Crisis
    09/19/2014 - 9:09 am | View Website
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