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|User Info||Bank of America tests "Mortgage to Lease" program; entered at 2012-03-23 09:22:45|
This means BAC is desperate for cashflow. Some rent (which is 1/2 the cost of the previous mortgage) is better than nothing. Plus it's easier to evict tenants than it is to foreclose. One problem is that if you haven't been paying a mortgage for a while, why would you switch to this program as a tenant, when you could probably live another year rent free.|
It also makes it easier for the bank to just get the title, instead of having to go through their fraudulent foreclosure process.