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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