A lot of homeowners have found themselves in default over the last few years. Changes to the economy and the housing market were to blame for this. Bank of America is working to do something about this problem. A mortgage principal forgiveness program may help many homeowners. This program offers mortgage principal reduction for thousands of homeowners.
This is a new way that this bank is working to prevent foreclosures. This proactive approach is sure to be effective. Homeowners who are in default on their mortgage often need help from the bank that holds the note. Bank of America realizes this.
Chase Mortgage
This new program actually reduces the amount that is owed on the loan and forgives a percentage of the loan in time. For homeowners whose mortgage is actually higher than the value of the home the loan can be reduced down to the actual home value. This helps people to have a mortgage that is more fair and manageable.
Homeowners can qualify for up to a 30% reduction of their mortgage principal. This amount is set aside by the bank and after 5 years of on time payments the amount is forgiven. This gives homeowners a second chance to save their credit and keep their home.
Borrowers who are interested in taking advantage of the program must also qualify for the federal government's mortgage program. About forty five thousand current Bank of America customers should qualify. They will receive notifications from the bank letting them know that they may qualify for this program.
This new program may be a second chance for homeowners who find that they owe more on their home than it is worth. The new mortgage principal forgiveness program announced by Bank of America is prepared to make a difference. Up to thirty percent principal reduction is possible for those who qualify.
Mortgage Principal Forgiveness Program Announced by Bank of America
People who are facing foreclosure now have another way to get back on their feet. Mortgage loan modification allows them to work out better terms with their lender, and pause the foreclosure process while negotiations are under way. This is especially ideal for people in adjustable-rate sub-prime loans, which have reverted to higher rates in recent years.
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