Banking officials, as a general rule, are old school. They are very resistant to change, and usually refuse to think outside of the box.
Over the years I’ve seen the banks hold little to no regard for the customers they serve. Their philosophy has essentially been ‘You can’t pay your mortgage, then out on your butt you go!’
Forget that they’ve screwed people, or caused the worst recession in 80 years.
Forget that homeowners often have good reasons for not being able to pay. Banks have had very little heart and even less common sense.
So I was blown away by Bank of America’s new test program, called “Mortgage to Lease”, which was unveiled this week. In a few select markets, BofA will give about 1,000 customers facing foreclosure the chance to stay in their homes by turning them into renters.
Bank of America will offer these borrowers the opportunity to have their mortgage debts forgiven, and instead of kicking them to the curb, BofA will lease these homes back to the borrower for up to 3 years for less than the market rental rate.
No more mortgage, no more property taxes or homeowners insurance! And people can stay in their homes! Imagine that!
Turning foreclosure properties into rentals is an idea I’ve long advocated. It only took Bank of America a few years to listen to me!
I was wondering why now, what finally turned Bank of America over to my way of thinking?
I could tell you that Bank of America’s small heart grew three sizes like the Grinch’s, but we all know that’s not true.
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