BofA to try converting foreclosures into rentals in 4 States

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BofA to try converting foreclosures into rentals in 4 States

BofA to try converting foreclosures into rentals in 4 States

The results from tests in Arizona, Nevada and New York, where BofA is finishing up mailings to 1,000 troubled borrowers, won’t be clear for 60 days, a spokesman said.


LA TIMES-

Unable to qualify for modifications on Bank of America mortgages, a few of California’s most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead.

Testing a mortgage-to-lease program in the Golden State, Bank of America Corp. sent 300 letters this week inviting borrowers without other options to apply. An additional 1,500 letters will go out in the next few weeks as BofA — which also is testing the program in three other states — evaluates whether a national rollout is feasible.

[LA TIMES]

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