Do You Have a Loan With Bank of America? Discover a New Program for Lowering Your Payments

I know, I know, there is a large community out there saying, “These programs don’t help.  It’s not enough money.”  Well, there are a lot of programs right now to help underwater homeowners.  And while some may not apply to you, another one could.  So let’s hear it.

The new program is that some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.

Of the five servicers participating in the settlement, BofA is going to be paying the largest portion of the total $25 billion settlement.  We are looking at $3.24 billion to the government and $8.58 billion to borrowers.

The reduction is set to aid about 200,000 homeowners in the U.S.  Again, I hear the naysayers saying that this is not enough, however if they actually roll out a good program then every little bit does count.

It does sound like BofA will make the program work, since it will prevent the bank from paying $850 million in penalties.

We do not get have information on when this will occur, however we’ll be sure to publish it as soon as possible.

If, of course, you have someone that is underwater and needs some advice, email us at [email protected]  We have free consultations with attorneys to make sure that you are doing the right thing and making the right decisions!