BOA 'Mortgage To Own' Program Allows Homeowners To Stay Put


Bank of America is offering a new program to some of its mortgage customers facing foreclosure.

The company is giving customers a chance to stay in their homes by becoming renters instead of owners.

The homeowner would transfer their home's title to the bank, which would then forgive their mortgage debt. They would then be able to lease their home for up to three years at or below the rental market rate.

The "Mortgage to Lease" program will be available to less than 1,000 customers in test markers in Arizona, Nevada and New York.

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  • by AJ Location: Falcon on Mar 25, 2012 at 06:46 PM
    Yeah forgive your debt on your home but you get to pay taxes on the amount they forgave you on.
  • by ME on Mar 24, 2012 at 06:27 AM
    @Burbank- Of course everything they do is for profit, they are a for profit company. A good thing, not bad...
    • reply
      by Anonymous on Mar 24, 2012 at 02:41 PM in reply to ME
      Yes, banks are wonderful for-profit organizations.
  • by Burbank on Mar 23, 2012 at 10:28 AM
    Anything to do with BofA should cause one to FLEE. Anything that they do has to do with generating profits. They might even charge the people involved with transaction/paperwork fees for these so-called services.
  • by DanReeves Location: The Further on Mar 23, 2012 at 08:45 AM
    Interesting... Bank of America tells you -- Give us your scrodum and we'll let you stay...
    • reply
      by Anonymous on Mar 24, 2012 at 02:42 PM in reply to DanReeves
      What's a "scrodum?"
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