May 10, 2012 Bank of America has agreed to settlement with federal and state officials The U.S. Department of Justice and the State Attorneys General have agreed to the terms of a global settlement with the largest mortgage servicers, including Bank of America. This government agreement extends our ongoing commitment to help homeowners who are struggling to make their mortgage payments. Under the agreement, we are implementing a new modification program that offers principal reduction to qualified customers. For mortgages that are owned by Bank of America, we will be lowering interest rates to provide reduced payments for eligible homeowners who are current on their payments but who owe more than the current value of their homes. We are also continuing to help customers who are pursuing short sales and may offer additional assistance programs, such as deed in lieu of foreclosure and/or financial assistance to help those who are transitioning out of their properties. At Bank of America, we are committed to making government and proprietary home loan assistance solutions available as quickly as possible. We are offering these enhanced loan assistance solutions, including the new mortgage modification program that will include principal reduction, to qualified customers. Please check here for details and updates on these enhanced programs including eligibility requirements and information on how to take advantage of these solutions. In the meantime, if you are experiencing a financial hardship and are struggling to make your mortgage payments, help may already be available. Please contact us right away at 1.877.488.7814 to update us on your current financial situation. The sooner we understand your situation, the sooner we can explore all of the options that may be available to you.
Posted on: Sat, 13 Jul 2013 01:57:57 +0000
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