Bank of America Launches Foreclosure Relief Program

24 07 2009

Bank of America Corp. is mailing letters to borrowers who may be eligible for a foreclosure relief.

The program is part of an agreement the bank made with state attorneys general in October.

BofA has allocated up to $150 million nationwide to assist certain borrowers who experienced a foreclosure, short sale or deed in lieu of foreclosure on mortgages originated by Countrywide Financial Corp. BofA bought Countrywide in July 2008 for $2.5 billion.

Forty states are participating in the program. Borrowers will be notified by letter if they are eligible for a settlement payment. Payment amounts will vary.

Inquiries concerning the foreclosure-relief program should be directed to Rust Consulting at (866) 411-6987 or countrywidesettlementinfo.com.

The foreclosure-relief effort is one of three components of BofA’s agreement with the state attorneys general.

The second component, the National Homeownership Retention Program, is designed to achieve affordable and sustainable mortgage payments for up to 400,000 borrowers who financed their homes with subprime or payment-option, adjustable-rate mortgages serviced by Countrywide.

The third component provides relocation assistance to borrowers who experience a foreclosure sale and agree to leave the property voluntarily. They are eligible to receive a cash payment to ease their transition to a new place of residence.

Additional information is available at my.countrywide.com/media/HRPFactSheet.html


Actions

Information

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s




%d bloggers like this: