In an effort to repair a tarnished public image and offer troubled homeowners facing foreclosure further solutions, Bank Of America is testing a program that would keep people in their existing homes as renters. They would exchange the title of the property in exchange for a reduced monthly payment as well as forgiveness of mortgage debt. The rentals would extent to no more than three years, as the bank’s ultimate goal is to sell the properties to a growing number of interested investors. After a $25 billion dollar federal settlement, Bank of America, as well as several other financial institutions, will be looking to avoid expensive foreclosures by instituting programs such like this one.
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