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BofA launches Mortgage to Lease program
Written by David Horn   
Friday, 23 March 2012 10:21

(CHARLOTTE) -- Bank of America is rolling out a pilot program that will offer customers who are facing foreclosure an opportunity to remain in their homes.  The homeowner would turn their title over to the bank, then be able to lease the property from Bank of America.

“When homeowners are struggling to make payments, owe more on their mortgage than their home is worth and face certain foreclosure, one of their greatest anxieties is the transition process they face in moving from their home,” said Ron Sturzenegger, Legacy Asset Servicing executive for Bank of America. “This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support."

The program will initially be offered to less than 1,000 customers. Those customers are in Arizona, Nevada and New York.

 
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