Bank of America Offers Bailout to Homeowners
If you have a mortgage with Bank of America, and you’re extremely underwater, you just might be in luck. Bank of America has announced plans to extend about $3 billion in loan forgiveness to 45,000 homeowners who are in dire straits. This is an enhancement to its National Homeownership Retention Program, which was launched in 2008 to help borrowers stay in their homes by offering loan modification. The news couldn’t come at a better time. About one in four homeowners in the United States was underwater on their mortgage at the end of 2009, according to real estate information company FirstAmerican CoreLogic.