Mortgage to Lease Program for Arizona
Arizona to offer “Mortgage to Lease Program”
On behalf of the Legalhelp-AZ. Posted in Helpful Articles on Sunday, April 29, 2012. “Mortgage to Lease Program for Arizona” by experienced debt relief attorneys and lawyers at legalhelp-az.
Currently offered in Arizona, Nevada, and New York, the “Mortgage to Lease” program is reaching out to 1,000 homeowners that are in danger of losing their homes to foreclosure by becoming renters instead of owners. In order to save homeowners from being evicted, Bank of America is trying this new program. According to the terms of the agreement, the bank asks the homeowners to hand over the deeds to their homes, then the bank will let them rent their properties at the current market value.
“Mortgage to Lease” is intended to serve as an option to short sales and mortgage reductions. A homeowner may attempt to keep their home by selling it in a short sale or by reducing monthly mortgage payments , but when these efforts fail, the homeowner is eventually forced out by the bank. Upon transferring their home’s title to the bank, participants who meet the requirements to qualify for the “Mortgage to Lease” would be able to lease their homes; the rent being less than their current mortgage payments. Also, these participants do not have to pay property taxes or homeowners insurance.
For more information on the Mortgage to Lease Program and any other debt relief questions that you may have, please contact the experienced lawyers at Legalhelp-AZ today. We offer Free debt evaluations daily and evening and weekend appointments. Our legal fees are some of the most reasonable in all of Arizona. You can reach our experienced lawyers at (480) 263-1699 in the Phoenix and Mesa Metro Areas, (623) 640-4945 in the Peoria and Glendale, Arizona regions, and at (520) 306-8729 in the Tucson metro area.
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