- Under the pilot program known as Mortgage to Lease, participants will transfer their property titles to the bank and have their outstanding mortgage debt forgiven, Bank of America said. (Chicago Tribune)
- 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 Business Insider)
- Initially, Bank of America will retain ownership of the properties, working with property management companies to oversee the rental properties. Properties in the pilot program will be transitioned to investor ownership. (4-traders (press release))
- At first, Bank of America would retain ownership of the properties before selling them to investors. If the pilot program, known as Mortgage to Lease, is successful, the bank could expand it. (The Boston Globe)
- numbers of distressed owners make in response to a new foreclosure-avoidance plan it calls mortgage-to-lease. Bank of America is sending proposals later this month to upwards of 1,000 customers in Arizona, New York and Nevada. (TheDay)
- more American homeowners saddled with nightmarish mortgages that they can scant afford realize there gains almost entirely seen in structures with five or more units. (CNBC)
- The Mortgage to Lease program will only be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York. (News Channel 7)
- Current mortgage holder Bank of America filed a complaint in Clark County District Siegel Suites, which he calls furnished apartments with no-lease weekly or monthly rates, now number 16 locations, with all but two in the Las Vegas area. (Las Vegas Review Journal)
Friday, March 23, 2012
Bank of america mortgage to lease
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