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Bank Tests New Mortgage Program

(Calabasas, CA)  —  Bank of America is testing a new program that offers homeowners facing foreclosure a chance to stay put.  The “Mortgage to Lease” program is being tried out in Nevada, Arizona and New York.  About one-thousand customers who have been behind at least 60 days on their mortgages are being offered low rents on their homes for up to three years.  If the program is successful, the banking giant plans to expand it.

  • Howard Gottlieb

    Not much as far as details here. Does the person still lose their home? Are they then a renter?

    Howard Gottlieb

  • edithwhiting

    If you refinance the remaining balance at Bank of America’s offered rate of 3.525%, your monthly principal and interest payment would be $1,044.50, and the total amount of interest you would pay over the 15 years would be $99,761.70 use the free refinance calculator at “Official Refinance” online

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