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Bank of America announced its “Mortgage to Lease” program, which will allow homeowners facing foreclosure to stay in their homes as renters. Â The limited pilot program will select up to 1000 homeowners in Arizona, Nevada and New York to participate.
The nation’s second-largest bank said if the program succeeds, it could be expanded to a larger group of at-risk homeowners with BofA mortgages.
Bank of America is targeting homeowners that are more than 60 days delinquent on their home loans, have high loan balances in relation to their current property value, have no other liens on their property, and have an income level high enough to afford the rent, according to CNN Money.