Bank of America Launches "Mortgage to Lease" Program
✉️ Want to forward this article? Click here.
Bank of America has launched a pilot program aimed at allowing homeowners facing foreclosure to stay in their homes by renting them back from the bank.
The program is called “Mortgage to Lease” and in short, this is how it would work. The property owner would transfer title of the distressed home to Bank of America. In exchange, the bank would forgive any outstanding debt and lease the home back to the owner for up to three years at or below the current market rental rate. The thinking is that the transfer of the deed would be less costly for the bank than pursuing the foreclosure and would do less damage to the owner’s credit.
The pilot program is limited to Bank of America customers who are over 60 days delinquent on their mortgage payments and have explored other foreclosure relief options. The bank is reaching out to 1,000 homeowners in states that have been hard hit by foreclosures, including Arizona, Nevada and New York, and based on the success of that effort will expand from there.
Similar Posts:
- Another Look at Renting Out Foreclosures
- February Housing Report: Low Inventory/Foreclosures, High Contract Activity
See other articles related to: bank of america, mortgage to lease, renting out foreclosures
This article originally published at https://dc.urbanturf.com/articles/blog/bank_of_americas_foreclosure_renting_solution/5326.
Most Popular... This Week • Last 30 Days • Ever
A look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro