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   
  • 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 ...
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  • Secret Inside BofA Office of CEO Stymied Needy Homeowners
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    12/15/2013 - 4:00 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 to try converting foreclosures into rentals
    Bank of America Corp. has tentatively ... have expressed 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 units for ...
    03/23/2012 - 2:08 pm | 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
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  • 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.
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  • 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.
    11/22/2014 - 5:28 am | 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 ...
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  • Bank of America | Bank of America’s community ...
    Bank of America is building on its established framework of community revitalization initiatives to support its long-standing focus on creating and preserving strong ...
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