BofA Rolls Out $8.4 Billion Loan Mod Program

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Class Action Lawsuit Against Bank of America Over Mortgage Modification Handling.. Bank of America received over twenty five billion dollars in government bailout money.. At one point they sent us a letter stating that we have opted out of their Loan Modification Program. When we called them to find out what was going on., they said that.

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By the weekend, the bank expects to have sent out more than 15,000 modification offers. In fact, Bank of America is taking a similar approach with newly acquired Countrywide Financial as part of an.

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Charlotte, N.C.-based Bank of America said today it will modify troubled mortgages with up to $8.4 billion in interest rate and principal. Bank of America said it will launch the new mortgage aid.

While this aspect of the program is buried deep in the details, it may have the most force of all. The top four mortgage servicers as of the end of 2008 were responsible for over $6 trillion in.

Bank of America has begun implementation of an earned principal forgiveness approach to modifying certain loans eligible for its National Homeownership Retention Program (NHRP). The plan is being offered to homeowners who owe considerably more on their loan than the current value of their home, when.

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Late last month, JPMorgan Chase & Co expanded its mortgage modification program. Bank of America, meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly.

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If you are having difficulty making your home loan payments, you may be eligible for one of the loan modification options from Bank of America that can make your payments affordable and help you avoid foreclosure. Find out if a home loan modification is right for you.

 · Keep the Change is a new idea from Bank of America that encourages you to build some savings by keeping the change.. So, if you buy a sandwich for $4.50 with your bofa debit card, you are actually charged $5.00, but the change is deposited in your savings account.

Missed payments on mortgages jump to 6.4 million in April Since then the stock price has dropped further due to the possibility of future FDA rules, a jump in long-term. sales have slowed as mortgage rates have risen. Although rates have fallen since.

Bank of America’s own bail-out plan for Countrywide customers in risky loans. Bank of America announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for almost 400,000 Countrywide customers nationwide (125,000 of them in California).