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BofA will launch Pilot “Owner to Renter” Program but Not in California

Bank of America, the nation's second-largest lender, is launching a pilot program this week that will offer a limited number of customers behind on their mortgages to transition from owner to renter.

The program is called “Mortgage to Lease.”

Borrowers will not be able to apply for the program, rather it is through “invitation” only, and the pilot will be less than 1,000 customers. It will be tested in Arizona, Nevada, and New York.

Pilot participants will transfer title to their properties to the bank and have their outstanding mortgage debt forgiven. In exchange, they may lease their home for up to three years at or below the current market rental rate,” according to a statement. The rent will be less than the mortgage payment and the (former) homeowner will have no financial obligations to the property, like taxes and insurance.

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