One bank is trying a new program to save homeowners from being evicted. The “Mortgage to Lease” program is currently open to a handful of states, but the bank has hopes of expansion in the future. The program has been offered to just 1,000 homeowners in the states of Nevada, Arizona and New York. These homeowners are in danger of losing their homes to foreclosure if they do not accept the terms of the agreement. The bank is asking them to relinquish the deeds to their homes. In exchange, the bank will let the homeowners rent their properties at the current market value.
This program is meant to serve as an alternative to mortgage reductions and short sales. In the past, homeowners could attempt to keep their homes by having their monthly mortgage payments reduced or even selling their homes by short sale. When these options do not work, however, the homeowner is eventually forced out of the property by the bank. Are you hoping to stop foreclosure so that you can keep your home in Texas? If so, contact the Malaise Law Firm today to discuss your foreclosure alternatives with a San Antonio bankruptcy lawyer.