The banks are always up to something. They are starving Paul to pay Peter every day. We’re Paul. The class action lawsuit that they lost due to unlawful predatory loans being sold throughout the nation has started one bank thinking up other ways to regain their losses.
Bank of America has decided to launch a rent to own option for mortgages that are in foreclosure trouble. Rather than lose your home completely, they have come up with a plan that works for everyone involved. The owner can continue to live in their house, they would merely have to change the deed to a lease in their “Mortgage to Lease” program, according to the Wall Street Journal. Sounds attractive?
But BofA feels that it is an offer that’s a win win for all. Because as they lower your payments in rent and take away your ownership, they spend less money by not putting the homeowner out and trying to re-sell their home. They want to be able to recoup their money without incurring any expense.
Check out the program here and decide if it’s for you.