Every dollar ever created was loaned into existence, unfortunately the money required to pay the interest was withheld, this means the debt be forever rolled forward.
NEW YORK — Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.
The “Mortgage to Lease” program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York.
Participants will transfer their home’s title to the bank, which will then forgive the outstanding mortgage debt. In exchange, they will be able to lease their home for up to three years at or below the rental market rate. The rent will be less than the participants’ current mortgage payments and customers will not have to pay property taxes or homeowners insurance, the bank said.
I’ll never pay repairs, maintenance, mortgage payments, interest, insurance, transfer taxes, real estate commissions to buy, real estate commissions to sell, title insurance, closing costs to buy, closing costs to sell, or property taxes again. Home ownership is not for me. All my worldly possessions fit on my twin bed and I love finding and moving to a new, spectacular place every two years. So much fun.
I too have done this and it is good protection for when a person moves out of a rental unit…It realy saved one client big time moving out from a house and a horse stable … Roy
Anyone who buys a property by borrowing from the bank is in a “rent to own” situation. You don’t own the home until it’s paid for and even then the government can steal it from you. It tool me 12 years of rent to own until I owned my home.