BANK OF AMERICA EXTENDS FORECLOSURES MORATORIUM
Bank of America disclosed that they have been contacted by over 200,000 mortgage borrowers to determine their eligibility for refinancing under the U.S. Treasury Department's Making Home Affordable program. The bank expects to begin offering trial modifications within the next two weeks. The company has extended its voluntary moratorium of foreclosure of loans that may be eligible for the program until April 30.
The first borrowers to be assisted will be the ones that have mortgage loans serviced by Bank of America or Countrywide Home Loans. Additional borrows will be included as the systems become operational. About one in every five mortgage loans in the United States is serviced by the Bank.
The Bank of America and Countrywide Home Loans mortgage brands are scheduled to combine on April 27 under the name Bank of America Home Loans.