Bank of America "Mortgage to Lease" Foreclosure Alternative

Last week Bank of America began sending letters offering distressed homeowners the option to lease their homes in an effort to avoid foreclosure.  The test markets included Arizona, Nevada, and New York.  It is not officially offered here in California, but it would not hurt to ask if you are in the process of trying to avoid foreclosure.  Fannie Mae also has a similar program.  Read the full story athttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_Riverhttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_River