To help combat the many foreclosures that homeowners across the country, including those who live in the community of Glen Laurel, are facing, the Bank of America may soon offer the option of a rental as an option to dealing with foreclosure. BofA has launched a pilot program where they are offering some of their mortgage customers who are facing foreclosure the option to be able to stay living in their homes and become renters instead of owners.
The “Mortgage to Lease” program was just recently launched by BofA and is currently being offered to only a small number of customers. Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, said in a statement, “This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support.”
Those homeowners who choose to take part of this pilot program will hand over their title to the bank, who at that time will waive any outstanding mortgage debt. The homeowner will then be eligible to lease his/her prior home for up to three years at or below current rental rates. The monthly rental rate will be below what they are currently paying for their monthly mortgage payment. The bank will also waive all taxes on the property or homeowners insurance that tenants may hold.
Now is the perfect time to buy or sell a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.