Bank of America announces foreclosure relief for eligible homeowners

07.25.09
By Nicholas Storie

Homeowners looking to stop foreclosure got some good news this week as Bank of America let some know that they may be eligible for a foreclosure relief program.

The company said the program is part of an agreement with the state attorneys general and will make about $150 million available for eligible homeowners who have a mortgage loan through Countrywide.

According to Bank of America, the program will be available to those who suffered from foreclosure, short sale or deed-in-lieu of foreclosure and checks will start being issued during the first quarter of next year.

Only ten states are not currently participating in the program, including: Alabama, Arkansas, Massachusetts, Minnesota, Missouri, New Hampshire, New York, South Carolina, Utah and Vermont.

Countrywide says it expects more than 35,000 borrowers to participate in the program and receive more than $70 million in assistance.

In addition to receiving help from mortgage lenders, homeowners who are in financial straits are also expected to see some assistance from government programs like the Home Affordable Refinance Act (HARP) and Home Affordable Modification Program (HAMP).

More Housing Market Articles | News Home | Discuss in our Forum

More Americans will be able to avoid foreclosure thank to moves from Bank of America