Friday, March 23, 2012

Bank of america mortgage to lease

  • 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)

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