BofA Rolls Out $8.4 Billion Loan Mod Program

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 · Below we will give a brief explanation as to what happens when your loan is sold to a new servicer. It’s really not that bad. Unless you of the many struggling homeowners who are currently trying to modify your mortgage or short sale your property. When your.

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Bank of America Corp. said Wednesday that most of the home-mortgage borrowers it had planned to offer principal reductions under a company program will instead be funneled to a government initiative that gives the servicer incentive payments. The Treasury Department’s program also will provide relief more quickly for these troubled borrowers.

I started producing loan mod leads in May of 2008 and decided I would try to do some loan mod deals myself with the help of an attorney.. Back in July we passed a housing bill which among other things created an FHA program to refinance bad loans.. Bank of America rolls out $8. 4 Billion.

 · The program is expected to provide mortgage relief to up to 45,000 borrowers who obtained certain types of home loans through defunct mortgage lender Countrywide, which BofA acquired in 2008. The bank said it expects to write down a total of $3 billion in principal, which works out to an average reduction of nearly $67,000 per borrower.

BofA Rolls Out $8.4 Billion Loan Mod Program Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto.

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To settle a predatory lending case brought by 15 states attorneys general, Bank of America has agreed to an $8.4 billion modification program covering some 400,000 loans acquired when it took over.