Right To Rent: A Simple Way to Avoid the Costs of Foreclosure

August 3, 2012 by

$79,443.

That’s the nationwide estimated cost of a single foreclosure.

And with lenders saddled with $50,000 of the cost it was no surprise that in March, Bank of America launched one of the first commercial “Right to Rent” pilot programs (or as they called it, “Mortgage to Lease”) that forgave any outstanding mortgage debt and allowed homeowners to rent their home from Bank of America in order to … Read the rest