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Could A Bank Actually Be Looking To Help It’s Customers?

By
Real Estate Agent with Berkshire Hathaway Home Services California Properties CA DRE#01874007


Has the time come for a bank to extend real help to some borrowers?

Are you looking for your glasses to make sure you read the title of this post correctly? Well now that you found them you read this right. A bank has actually announced a program that could truly help a sector of it's clients. Banks have been the recipients of bad publicity in this recent real estate market for questionable business practices and for seeming to not care about the public. This sits even worse with the American public as most of these financial institutions received aid from the American tax payers.

The banking giant Bank of America has announced that it's going to try and help its military borrowers that are currently struggling to make their payments. The principal goal of Bank of America's new program is to reduce the amount owed on a mortgage to as low as 100 percent of the property's current market value; it's a lump-sum forgiveness. Can you believe this? A program that actually addresses the principal loan amount with the possibility of reducing it? Now that's a truly remarkable program being offered. Though this program targets only military borrowers when it come to the San Diego housing market this has the potential to help a large amount of families due to our large military presence.

In addition to reducing the amount owed there's even talks about reducing the interest rate of the mortgage as well. Though all of the details on this program aren't out in the open we're sure to keep looking for more information on this potentially home saving program. For now Bank of America has relesed a phone number it's military borrowers can call to receive more information on this program. The number is 1-888-325-5357.

We hope this helps some of you out there and as we find out more information and details we'll be sure to post what we find here on the sandiegorealestatecafe.com.

 

Comments (2)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I have a military client on Round 3 with BoA.  They have been referred to the new program so we will know soon enough whether it is real or just talk.

Mar 14, 2011 09:11 AM
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

I hope for your client's sake it's true because military families could truly use the help as sometimes one of the parents is gone for extended periods of time.

Mar 14, 2011 10:05 AM