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Bank of America: Mortgage Relief Program
Many homeowners are faced with losing their homes due to unemployment, underemployment, medical costs or deep debt concerns, but Bank of America has programs designed to stop the foreclosure process and help homeowners stay where they belong; in their own homes.
Bank of America has agreed to a settlement with the Department of Justice and the Attorney General’s office called the global settlement. This agreement allows homeowners to reduce the principal of their loans, lower interest rates, and provide appealing short sales terms. It also provides loan modifications and refinancing for qualified homeowners. Bank of America is providing the following per the agreement:
- Short Sales: Current bank of America customers pursuing a short sale may benefit from a deed in lieu as provided by the agreement. They may also qualify for financial assistance after the home has been sold to help them get back on their feet again.
- Interest Rate Relief: For customers of Bank of America only, this is similar to a refinance and will help qualified home owners lower their interest rates. Homeowners must be current on loan payments, upside down in their home’s value, and must not be eligible for any other Bank of America mortgage relief program.
- Modifications: This Bank of America program offers mortgage relief that includes forgiving an amount of the principal. Homeowners must be behind in their payments by sixty days, must have a mortgage and other home costs that equal over 25% of the gross income of the household.
These programs have some eligibility requirements. Loans insured by Fannie Mae or Freddie Mac, the Veterans’ Administration, or the FHA are not eligible for these programs.
Bank of America also offers the Forbearance program, a program designed for temporary hardships such as medical emergencies, unemployment, natural disasters. The homeowner must have been up to date on mortgage payments until the hardship, and here must be a foreseeable end to the hardship.
A Deed-in-Lieu is another option Bank of America offers. This program is available for homeowners who do not wish a public sale of their property, have exhausted all other resources to no avail, and have had their home listed for sale for 90 to 120 days prior to the application. Qualified homeowners may receive cash after the sale to help them relocate, and cash to pay off other debts as well.
Bank of America offers traditional refinances, loan modifications, and reverse mortgage solutions as well. Bank of America is helping seniors by offering help with the payment of property taxes and homeowner’s insurance after a reverse mortgage. Bank of America has experts who will go over assets to find the best plan to help them.
In addition to the above mortgage relief programs, Bank of America participates in several government sponsored programs such as the Affordable Modification Program, and the Home Affordable Refinance Program.
A team of home loan assistance professionals are available for questions about any aspect of stopping foreclosure with Bank of America’s mortgage relief program.
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