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.
Similar Stories to Bofa Tries Turning Distressed Homeowners Into Renters on Bing News
By E. Scott Reckard and Alejandro Lazo, Los Angeles Times, Los Angeles Times
Sat, 05/26/2012 - 5:00am
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