Bank of America is launching a pilot program that will allow homeowners at risk of foreclosure to hand over deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate.
While the initial scope of the “Mortgage to Lease” program is smallundefinedthe bank began sending letters Thursday offering leases to 1,000 homeowners in Arizona, Nevada and New Yorkundefinedit represents a big change in the way banks deal with borrowers who can’t afford their mortgages.
More from the Wall St. Journal
What are your thoughts about this approach?
Email: Executive Director, Scott MerrittEmail: Executive Assistant, Jena Daly
Florida Land Title Association is a 501(c)6 non-profit organization.
Copyright © 2018. All Rights Reserved
Mailing Address:Florida Land Title AssociationP.O. Box 66145St. Pete Beach, FL 33736