Bank of America has opened 3 new offices in Nevada specifically to aid troubled homeowners.  Bank of America now owns the majority of mortgages across the country after assuming Countrywide.  Bank of America received $25 Billion in bailout funds and has been critized and sued

Bank of America has released their new "forgiveness" program to help struggling homeowners.  BoA will permanently cut up to 30 percent from home loan balances for tens of thousands of struggling borrowers under their new program.  

To qualify, a borrow must prove financial hardship, be two months delinquent in payments and owe at least 20 percent more on the loan than the home is worth.

The new plan begins in May. A portion of the principal balance will be set aside interest free.  That principal can then be forgiven over five years if the homeowner stays current on new lowered payments.

Rita Gibbons
The Gibbons Group ~  MacDoc Realty LLC
Call: 571-330-0741 ~ Fax #: 888-235-1567
Email: LuvnNLivn@gmail.com
Web: www.RitaGibbons.com

Licensed in the Commonwealth of Virginia
NVAR Top Producer &  Multi-Million Dollar Top Producer (2008-2009)
Accredited REO AgentTM, Certified REO Property Specialist (CRPS) & Certified Distressed Property Expert (CDPE)
Member: NAR, VAR, FAAR, MRIS; Associate Member: NVAR

The greatest compliment I can receive is a referral from you!  Thank you for your business.

 
This post has been included in Virginia Real Estate News

3 Comments on Bank of America promises to help struggling homeowners

JUN
06
2010
318,477 Points

Sounds like a great plan for struggling homeowners all that is left is to see if the bank will hold true on its promises.
11:10am • #1
182,041 Points 1 Featured Post

The experience I've had with BofA and underwater clients has been less than posative.  Does Bof A have any examples of real people who were helped by this program?
11:11am • #2
107,533 Points Outside Blog

Pays big dividends to lobby in Washington.
11:17am • #3


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Rita Gibbons - The Gibbons Group

Fredericksburg, VA

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MacDoc Realty LLC

Address: Fredericksburg, VA, 22406

Office Phone: (571) 330-0741

Cell Phone: (571) 330-0741

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