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| User Info | Bank of America tests "Mortgage to Lease" program; entered at 2012-03-23 09:22:45 | |||
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Plymster Posts: 912 Registered: 2007-09-19 
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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. 2012-03-23 09:22:45
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