BOA New Program Keeps People in Their Homes

by ritasimpson on December 12, 2011

in Latest News

Bank of America is considering a program that would allow investors to buy a foreclosed home and then rent it back to the former home owner.

Bank of America would go to the customer and say, ‘We’ll do a short sale. Will you be interested in leasing your property back? We’re still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on.’”

The program is still in very early stages and more details need to be worked out including if the rent asked from the former owner would be affordable to them… read more

 

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