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.
Monday, May 28, 2012
BofA tries turning distressed homeowners into renters
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.
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.
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