Bank of America Testing Own-To-Rental Program For Homeowners
Black Enterprise Magazine September/October 2018 Issue

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Bank of America announced its “Mortgage to Lease” program, which will allow homeowners facing foreclosure to stay in their homes as renters.  The limited pilot program will select up to 1000 homeowners in Arizona, Nevada and New York to participate.

The nation’s second-largest bank said if the program succeeds, it could be expanded to a larger group of at-risk homeowners with BofA mortgages.

Bank of America is targeting homeowners that are more than 60 days delinquent on their home loans, have high loan balances in relation to their current property value, have no other liens on their property, and have an income level high enough to afford the rent, according to CNN Money.

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Sade K. Muhammad

Sadé Muhammad is a news intern at Before Black Enterprise, she was a fashion writer for, blogger and research intern for, and a marketing and web intern for WPVI-TV/6ABC in Philadelphia, PA. Sadé is a senior magazine journalism major and honors student at the Newhouse School of Public Communications at Syracuse University. With a passion for empowerment and solidarity among women of color, she is developing a print and online lifestyle magazine catering to this very audience for her senior thesis. When she’s not writing, she is talking fashion, travel, and Knicks basketball.