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Maryland Movers Explain the Mortgage to Lease Program

Bank of America has just begun its pilot program with less than 1000 of their mortgage customers, offering them a chance to become a renter in their own homes. The “Mortgage to Lease” program is available in Arizona, Nevada and New York. Customers will transfer over their home’s title to the bank, while they in return forgive the mortgage debt. In exchange, the Bank of America will allow them to stay in their houses for up to three years at or below the rental market. The rent will be less than their mortgage payments and they won’t have to pay property taxes or homeowners insurance.

The local Maryland movers learned that not everyone qualifies for this pilot program, customers have to have a Bank of America loan, be behind at least 60 days on payments and owe more on their mortgages than their homes are worth. If the pilot program is successful, the banks might expand it to include real estate investors who can buy qualifying properties and keep the occupants on as tenants.

Home foreclosures have seem to pick up in the last few months as banks deal with all of the cases that were in a limbo stage. The Maryland moving specialists learned that Nevada right now has the highest foreclosure rate in the U.S. with 1 in every 278 households receiving a foreclosure-related filing. It’s the twice the national average, according to RealyTrac. Arizona ranks third, right behind California. New York hasn’t been hit too hard, with only one in 4.604 households receiving a foreclosure-related filing.

Are you in the midst of a home foreclosure? Do you need to evict your house? If so, call the All My Sons of Maryland movers to help you move to your new residence at an affordable price. The local Maryland movers will quilt pad wrap your furniture and help you with assembling some of your household items that are cumbersome or heavy. The local Maryland moving specialists are part of the All My Sons Moving and Storage family, a reputable moving company with moving offices across the U.S. including Oklahoma City, Salt Lake City, Nashville, Atlanta and more. All My Sons of Maryland also have experience in auto moves, commercial moves, last-minute moves and even long-distance moves, so whatever you’re moving need, the Maryland movers are your team!