Housingwire.com reports that Bank of America is ready to start a pilot program for select homeowners who are facing foreclosure.
The program basically has the bank take over ownership of the home, and rent it back to the owner turned tenant at market or below market rate rent. The owner would be allowed to rent the home for up to 3 years.
This is a pilot program and designed to test the effectiveness of this “rent back” theory. If successful, we will likely see it appearing in more markets. Only 1,000 people will intially be allowed to participate.
To read the entire artcile, visit: http://www.housingwire.com/article/bofa-offers-distressed-homeowners-chance-stay-homes?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader
For more information on this program