Relevant:
- Bank of America tries renting to distressed homeowners
- Bank of America hopes underwater homeowners become renters to avoid foreclosure
- Fannie Mae Announces Deed for Lease(TM) Program
- PART TWO -- How to Take The Power Back When at Risk of Foreclosure - Mandelman Matters
- Foreclosures will be the wrecking ball for the American economy
2012-03-26 — bostonherald.com
If you're seriously underwater and headed to foreclosure, what would you say if the lender suddenly offered you the chance to remain in your home as a tenant for an extended period plus have your mortgage debt wiped away? Would you say yes?
Or would you instead conclude: Hey, why pay rent? It's going to take the bank more than a year to complete the foreclosure and evict us, so why not just stay put and save some money?
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