Special offer

B of A Offers Free Morgage Payments for a Year

By
Real Estate Agent with Jane Lippman-Lippman Properties at Century 21 Superstars

Orange County, CA - December 10, 2009

I wanted to get the word out to all Orange County home buyers, that Bank of America is offering a Buyer's Home Protection Plan Free for the first year you are in your newly purchased home.  After the first year, you would pay a set amount per month if you would like to keep it for future protection from job loss, hardship, etc.  There is no obligation to maintain it in future years.

What this means is that if you take on a B of A loan and opt to have the Home Buyer Protection for your first year, free, that B of A will pay your mortgage should you have circumstances take place that make you eligible.  For example, you move into a home and lose your job a couple months later and cannot continue to make payments on your loan.  B of A will protect you with this policy. 

This is a great way to protect yourself from a short sale situation.

For more information, call us and we'll put you in touch with a qualified Orange County Bank of America representative that we have experience working with.  949-267-9999.

 

Comments(4)

Liz Voss
The Voss Group @ Voss Realty L.L.C. - San Antonio, TX

Sounds great for the consumer, but I think it may be a big black hole for Bank of America and the opening of Pandora's box.  With the economy the way it is, and the situation that banks are in today I don't think the premiums paid will be enough in the long run to sustain claims, but then we've always got TARP money...  Does this cover P&I, taxes, and PMI or just the P&I?

San Antonio Real Estate

Dec 12, 2009 03:22 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Thanks for sharing this information with us this morning.

Dec 12, 2009 03:27 AM
John Pusa
Glendale, CA

Hi Jane,

Thank you for an informative and very good post.

John Pusa

Dec 12, 2009 04:05 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

That sounds great except the part about obtaining a loan from B of A.  Well I guess B of A is OK if you want your buyers to pay 0.25% to 0.375% higher rate than a local lender or mortgage broker.

Dec 12, 2009 04:06 AM