BofA Gives Mortgage Help to Ex-Military Servicemembers
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On Thursday, March 10, 2011, Bank of America announced a new mortgage modification program for members of the military who have left service. This program builds on the federal Home Affordable Modification Program by offering mortgage modifications to servicemembers who are no longer in the military (the HAMP programs provide assistance to borrowers who are still in active military service) and by including a reduction in principal, not just in interest.
The catch: Only former servicemembers with a mortgage owned by Bank of America qualify. If your loan is serviced (but not owned) by Bank of America, you cant utilize the new program.
Bank of America also announced that starting April 1, 2011, it will offer 4% interest mortgages to active duty military personnel, which is lower than the 6% rate required by the Servicemembers Civil Relief Act.
You can learn more on HousingWire's website here: www.housingwire.com/2011/03/10/bank-of-america-launches-mortgage-program-to-assist-servicemembers