foreclosure solutions: Homeowners Rent Their Homes from Bank of America - 04/05/12 09:47 AM

Bank of America has recently announced a foreclosure solution program to a select 1,000 borrowers.  This “Mortgage to Lease” program is an experiment that will give homeowners, who are currently facing foreclosure, an opportunity to have their entire debt forgiven.  The  catch?  Owners will have to convert their current ownership to a lease.
Here’s how it works:  Bank of America will lease the home to the current owner for less than their present monthly mortgage payment for a three year period.  After that time period, the bank will sell the house to an investor.  The program is being initiated in … (0 comments)

 
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Emcee M. Arah, CDPE, CIAS, REMAX ~Sil Spr, MD~ EMA Real Estate Group

Silver Spring, MD

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