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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  • BofA Says Ex-Workers Made Impossible Loan-Program Claims
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  • BofA to try converting foreclosures into rentals
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    03/23/2012 - 2:08 pm | 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 - 3:19 am | View Link
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