Modification, Refinance, and Short Sale Program Enhancements

This came from the Bank of America Web Site, I keep watching for the program to kick in, perhaps it has and I just don't know.....

Modification, Refinance, and Short Sale Program Enhancements

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February 9, 2012

Bank of America agrees in principle to settlement with federal and state officials

On February 9, 2012, the U.S. Department of Justice and the State Attorneys General announced an agreement in principle to the terms of a global settlement with the largest mortgage servicers, including Bank of America. This government agreement in principle extends our ongoing commitment to help homeowners who are struggling to make their mortgage payments.

Under the agreement in principle, we would develop a new modification program that will offer principal reduction to qualified customers. For mortgages that are owned by Bank of America, we would expand refinancing opportunities or lower interest rates to provide reduced payments for eligible homeowners who are current on their payments but who owe more than the current value of their homes. Under this agreement in principle, we will also 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.

At Bank of America, we are committed to making government and proprietary home loan assistance solutions available as quickly as possible. Once the agreement is finalized and the program details are in place, we will begin offering these enhanced loan assistance solutions, including the new mortgage modification program that will include principal reduction, to qualified customers.

Please keep checking back here for complete details about when these enhanced programs will be available, eligibility requirements and how to take advantage of these solutions.

In the meantime, if you are experiencing a financial hardship and are struggling to make your mortgage payments, help may already be available. Please contact us right away at 1.800.846.2222 to update us on your current financial situation. The sooner we understand your situation, the sooner we can explore all of the options that may be available to you.