In response to the settlement that the major banks (BofA, Wells, Chase, Citi and Ally) made with the Department of Justice and the state’s attorney generals, Bank of America has announced additional help for homeowners.
- Is implementing a new modification program that offers principal reduction to qualified customers.
- Will work to lower interest rates to provide reduced payments for eligible homeowners who are current on their payments but owe more than the current value of their homes (mortgage must be owned by the bank).
- Will continue to help customers who are pursuing short sales and may offer additional assistance programs, such as deed in lieu of foreclosure and/or financial assistance to help those who are transitioning out of their properties.
ndIn addition, just announced today, Bank of America will extend additional support to homeowners by agreeing to enhanced 2nd lien deficiency waiver guidelines. BofA will apply these new guidelines to 2nd liens with BofA, Chase, Wells Fargo, Citibank or Ally. These new guidelines will apply to short sales initiated after June 1, 2012.
If you have a first or second lien with Bank of America and would like more informaiton contact me.