Bank of America has announced a program that will let homeowners facing foreclosures stay in their homes as renters.
The "Mortgage to Lease" program will start as a limited pilot program for up to 1,000 homeowners in Arizona, Nevada and New York selected by the bank. The bank said that if the program proves successful, it could be expanded to the broader group of at-risk homeowners with BOA mortgages.
Homeowners can not apply to be part of the program at this time.
Those selected for this initial pilot program will be more than 60 days delinquent on their home loans, have high loan balances in relation to their current property value, have no other liens on their property, and have an income level high enough to afford the rent.
Read the rest of the article at KSLA
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