Bank of America tests new home foreclosure program | Reuters

Bank of America tests new home foreclosure program | Reuters

Bank of America Corp BAC.N 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, ...

Read the whole article: Bank of America tests new home foreclosure program | Reuters.

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