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
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
The new residential project would take the place of largely vacant office buildings a... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
This week’s Best New Listings includes a townhouse on a secluded alley block and a ... read »
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- How Does a Mortgage Rate Buydown Work?
- 48 Apartments, Activated Alley Space And An Ode To Duke Pitched For DC's West End
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Best New Listings: One Of 10 On U Street; Moved By Horses To Tenleytown
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