BofA to offer rentals as foreclosure alternative

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http://hosted.ap.org/dynamic/stories/U/US_BANK_OF_AMERICA_FORECLOSURES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-03-23-06-20-30

NEW YORK (AP) -- Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

The "Mortgage to Lease" program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York.

Participants will transfer their home's title to the bank, which will then forgive the outstanding mortgage debt. In exchange, they will be able to lease their home for up to three years at or below the rental market rate. The rent will be less than the participants' current mortgage payments and customers will not have to pay property taxes or homeowners insurance, the bank said.

"This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support," Ron Sturzenegger, legacy asset servicing executive of Bank of America, said in a statement.

Among requirements to qualify for the program, homeowners must have a BofA loan, be behind at least 60 days on payments and be "underwater," owing more on their mortgages than their homes are worth.

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1. It's only $5000 a month

Bank of America executives



Bank of America company housing

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2. Sales batardes.