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   
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  • 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 ...
    05/28/2012 - 2:59 pm | View Link
  • BofA to try converting foreclosures into rentals
    The bank on Friday began a test program for 1,000 homeowners headed ... interest in snapping up distressed or foreclosed properties to rent out or sell to first-time buyers. Indeed, some investment firms have been turning distressed properties into rental ...
    03/23/2012 - 2:08 pm | View Link
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