Bank of America is considering a program that would let under-water homeowners remain in their homes.
The program would be one of the first of its kind at such a large scale. Under the program, the bank would let the owner short sell their home, and then lease it back from the new owner. The new owner would be an investor, who would give the previous owner (and current occupant) the option to stay in the house and rent it from them.
This would make it easier on families who currently have to locate because of foreclosure. This may also be beneficial to investors who could pick up an income producing property with a tenant already in it (avoiding a vacancy). Of course this would only be beneficial if the previous owner (and current occupant) paid rent on time and kept the property in good condition.
For more info, see this article from Housingwire.com: http://www.housingwire.com/2011/12/09/bofa-developing-foreclosure-rental-programs-to-deal-with-distressed-properties?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader
You can contact me with any buying or renting questions, www.ToddTurcotte.com/contact-me
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