Bank of America offers rent vs. foreclosure options

A pilot program by Bank of America called "Mortgage to Lease" is being introduced to select mortgage holders this week. The program will offer homeowners facing a foreclosure the opportunity to stay in their home and rent it from the bank rather than being forced out. The intention of the program is to stabilize housing prices by cutting down on the number of distressed and vacant properties on the market, and to ease the transition from owning to renting for struggling families. More info here.