BANK OF AMERICA EXTENDS FORECLOSURES MORATORIUM

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Real Estate Agent with Realty Group Referrals 16766

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.

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Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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Ambassador
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Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Roy,

Thanks for sharing. I assume the other 2-3 biggies will probable follow suite?

Apr 16, 2009 08:57 AM #1
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Mike:  The other major lenders are moving ahead with foreclosures.

Apr 16, 2009 09:25 AM #2
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Rainmaker
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