Bank of America Jumps on The Rent to Own Bandwagon
If you’re not convinced that rent to own can be a good deal if worked properly then maybe, Bank of America can change your mind. According to an article in the LA Times Bank of America will be selling off mortgages that have fallen behind in payments to investors and offering those who have been struggling to make payments an opportunity to temporarily become renters and get back on their feet, instead of paying towards the mortgage or worse losing their house completely. This allows those homeowners to figure out their situation, fix their credit, find a new job and avoid foreclosure.
Although this is not the ideal situation for you to come into a rent to own property, it does illustrate that the process can work and that major financial institutions agree. If you are considering a rent to own home we want you to think long and hard about your situation. If you are working on fixing your credit, paying down debt, and getting your financial life on the straight and narrow then rent to own can be a great opportunity for you. You can start your life in a home that you can own one day without taking the initial risks of signing a mortgage you can’t afford, or having to move and not being able to sell your home.
We encourage you to read through all of our various real estate related blog articles and do your homework. But we also strongly recommend rent to own buying for hardworking Americans on the cusp of financial security. If you have got your act together and are ready to buy a home and prior credit dings or situations prevent a normal home purchase check out are massive database of rent to own homes, foreclosures, and owner financed properties. Follow suit with Bank of America, one of the largest financial institutions in the nation, and get on board with rent to own homes!