Bank of America promises to help struggling homeowners

Real Estate Sales Representative with MacDoc Realty LLC

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.

Posted by

Rita Gibbons
The Gibbons Group ~  MacDoc Realty LLC

Call: 571-330-0741 ~ Fax #: 888-235-1567

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

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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Sounds like a great plan for struggling homeowners all that is left is to see if the bank will hold true on its promises.

Jun 06, 2010 04:10 AM #1
Geoff ONeill
John L. Scott Medford - Medford, OR

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?

Jun 06, 2010 04:11 AM #2
Daniel J. Hansmeier
Rochester, MN

Pays big dividends to lobby in Washington.

Jun 06, 2010 04:17 AM #3
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Rita Gibbons

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