Bank of America announces new mortgage plan

Bank of America has announced a new program that will let homeowners who face foreclosures stay in their home as renters.  The “Mortgage to Lease” program as of this moment could affect up to 1,000 selected homeowners in Arizona, Nevada and New York.  If the program succeeds it would be broadened to help more people who are facing foreclosure.   To be selected in this program, the home has to be in those three states mentioned earlier, homeowner has to be 60 days or more delinquent on their home loans, have high loan balances compared to current property value, have no other liens on property and have a high enough income level to rent.

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