Bank of America’s new program
Loan help Keys to Bank of America’s new mortgage modification program:* Borrowers must demonstrate a hardship in making current payments, be at least 60 days delinquent on the loans and owe at least 120% of the current home value.* Borrowers with second mortgages or home equity lines of credit will not qualify in certain cases.* Bank looks first to reduce principal by cutting unpaid interest tacked on as principal in calculating affordable payments.* Bank will convert certain option adjustable-rate mortgages to fixed-rate loans.* Bank aims to reduce the first mortgage to 31% of gross household income.More information available at www.bankofamerica.com/homeloanhelpSource: Bank of America
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