Bank of America and Mortgage Relief
Posted: January 05, 2010
In the battle between foreclosure and homeownership, many homeowners are still struggling to keep their heads above water. In an effort to help these homeowners, the Obama Administration has created a program deemed the "Making Homes Affordable Modification Program", and put pressure on banks and lenders to increase their loan modification efforts.
Recently, Bank of America has stepped to the forefront to report that they have actively pursued more loan modifications, and have sent "more than 160,000 distressed homeowners" into the Making Homes Affordable program. As the largest bank in Florida, it stands to reason that Bank of America would have the resources (and motive) to keep homeowners out of the red.
The statistics from Bank of America came out shortly after another wave of pressure from the government to increase loan modification efforts. While the bank did not disclose the exact percentage or number of customers that have been successful with the loan modification program, a top executive for Bank of America issued a statement claiming that the organization is " focused on providing long-term solutions to help distressed customers sustain homeownership".
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information for this article provided by The Orlando Sentinel, and Florida Realtors.
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