GREENSBORO, N.C. -- If a pilot program from Bank of America works, some Piedmont homeowners may have the option to become renters to try to prevent foreclosure.
The Charlotte-based bank is starting the mortgage to lease program in three areas--New York, Las Vegas and Arizona--as a test.
The bank selected the roughly 1,000 participants for the test program. They will receive letters in the next few weeks and will have a month to decide whether they want to participate.
Homeowners who participate will give their title back to Bank of America, and the bank forgives the mortgage debt. Families can rent the home for up to three years for a payment that's less than the old mortgage payments.
A Bank of America employee told FOX8's Sheeka Strickland if the program goes will, it could roll out to other states.