BofA Tests an Option to Foreclosure…

BofA Tests an Option to Foreclosure:
Lender Lets Owners Stay in Homes, Rent From the Bank

Article from The Wall Street Journal

Bank of America
Corp. BAC +2.60% is launching a pilot program that will allow homeowners at risk of foreclosure to hand over deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate.

While the initial scope of the “Mortgage to Lease” program is small—the bank began...READ MORE

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