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Royal Sloan 09

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Member since: Wed Dec 28, 2005, 06:52 PM
Number of posts: 406

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Bank of America tests new home foreclosure program

(Reuters) - Bank of America Corp said on Thursday it was launching a pilot program that will allow homeowners facing foreclosure an opportunity to remain in their homes while transitioning to tenant status.

Under the pilot program known as "Mortgage to Lease," participants will transfer their property titles to the bank and have their outstanding mortgage debt forgiven, Bank of America said.

Fewer than 1,000 customers will be invited to participate in the first phase of the pilot and the bank said it has started selecting customers in test markets in Arizona, Nevada and New York -- three states hit hard in the housing downturn.

http://www.reuters.com/article/2012/03/23/us-bankofamerica-idUSBRE82M04520120323


Bail-outs, Settlements and more foreclosures, it's a Banksters dream come true! Oh yeah,
Feelin' Screwed over yet America? Booyah
Posted by Royal Sloan 09 | Thu Mar 22, 2012, 11:33 PM (7 replies)
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