Bank of America now is sending letters......Mortgage to Lease

Looks like B of A is now sending out letters for Mortgage to Lease.

They will forgive the debt and the Seller gets to stay in the home at a reduced rent.

There are conditions of course, but it is out there.

For a Seller who does not want to sell and remain in the home it may be a good thing for them.

They reduce the rent the first year and can increase it up to 5% annually.

Have you seen letters going out in your states?

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Yes, a client of mine got one in the preforclosure letter. They have an FHA loan, so maybe it has to be offered as an alternative now. They have a diiferent bank other than BOA too..

No potential law suit/liability since short sale was "subject to lender approval".  They didn't "approve" the short sale.

Can you post a copy?



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