Bank of America Mortgage to Lease program
Bank of America has announced a new pilot program that is suppose to help default home owners stay in their homes. This program has not been launched in Columbia SC yet. Bank of America's innovative idea is designed to help foreclosed property by turning a homeowner into a renter and eventually sell the property to an investor as an appealing profit producing package. This is a highly innovative idea. They offer home owners a chance to sign a "deed-in-lieu" in foreclosure, and stay in their homes at a reduced rental rate for one year with a possibility of renewing the lease at the rate the bank determines. Giving the bank a tenant to maintain the property and time to hope that the market rebounds and they can get more equity for the property.
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